The Virginia Fairness in Lending Act had been sponsored by Senator Mamie Locke (D-Hampton) and Delegate Lamont Bagby (D-Henrico), had significantly more than 50 legislative co-patrons from both parties, and received help from diverse stakeholders, including customer advocates, community companies, faith leaders, lower-cost installment loan providers, together with state attorney general. 6 High-cost loan providers opposed the reform, claiming they wouldn’t be in a position to run during the needed reduced prices, despite contrary proof off their areas, but both chambers finally passed the legislation for a bipartisan foundation. 7 Governor Ralph Northam (D) signed the work into legislation at a ceremony on Aug. 3, 2020; it becomes Jan that is effective, 2021. 8
Key popular features of the Fairness in Lending Act
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