Lamont Bagby, Mamie Locke & Jay Speer: New rules will suppress predatory credit in Virginia

We are delighted that Gov. Ralph Northam have finalized the Virginia Fairness in Lending laws, an old, bipartisan assess that fixes the commonwealth’s long-standing issue with predatory financing. New legislation institutes powerful safeguards for individuals and creates a level playing field for responsible lenders.

For many years, our obsolete small-loan guidelines placed hard-working Virginians in danger of monetary hurt. Predatory loan providers are rate gouging all of our constituents by regularly asking 3 x considerably for the very same credit they available in other shows. Continue reading