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Gov. Northam approves legislation to battle predatory financing. Governor Ralph Northam authorized a bill this weekend that is past advocates say may help protect customers from predatory financing.

Gov. Northam approves legislation to battle predatory financing. Governor Ralph Northam authorized a bill this weekend that is past advocates say may help protect customers from predatory financing.

Governor Ralph Northam authorized a bill this past week-end that advocates say can help protect customers from predatory lending.

The Virginia Fairness in Lending Act, passed away by your house of Delegates and Senate earlier in the day this 12 months, is essentially focused round the parameters of short-term loans. 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 the law up’s begin date from July 1, 2021, to Jan. 1, 2021, that may need to be authorized because of the typical Assemby if they re-convene in a few days.