Gov. Northam approves legislation to fight predatory financing

Gov. Northam approves legislation to fight predatory financing

Governor Ralph Northam authorized a bill this previous weekend that advocates state can help protect customers from predatory financing.

The Virginia Fairness in Lending Act, passed away by the home of Delegates and Senate early in the day this is largely centered around the parameters of short-term loans year. It tightens legislation on customer lending, funding for individual or home purposes, also to shut loopholes that are existing corporations.

The governor did propose an amendment to speed within the legislation’s begin date from July 1, 2021, to Jan. 1, 2021, that will need to be authorized because of the overall Assemby if they re-convene in a few days. More