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Lamont Bagby, Mamie Locke & Jay Speer: New rules will control predatory financing in Virginia

We have been happy that Gov. Ralph Northam keeps signed the Virginia Fairness in financing laws, an old, bipartisan measure that fixes the commonwealth's long-standing issue with predatory lending. The latest rules institutes stronger safeguards for consumers and creates an even using field for liable loan providers.

Consistently, the obsolete small-loan laws set hard-working Virginians susceptible to economic injury. Predatory lenders were terms gouging all of our constituents by regularly charging you three times much more for the very same credit which they available in some other shows. Prior attempts to rein around harmful financing tactics were unsuccessful because there were loopholes inside the rules, and dishonest lenders got benefit of these to issue financing where borrowers can potentially owe 3 or 4 hours approximately they borrowed.