Virginia House of Delegates passes bill to establish 36% price limit for “short-term” as well as other loans

Virginia House of Delegates passes bill to establish 36% price limit for “short-term” as well as other loans

On 31, 2020, by a vote of 65 to 33, the Virginia House of Delegates passed a bill that would establish a 36% rate cap on certain consumer loans january. The Senate is expected to also pass the bill since democrats also hold a majority in the Virginia Senate.

The bill amends Virginia’s basic usury legislation and Consumer Finance Act and includes the next key provisions:

  • Recommendations to “payday loans” are changed to “short-term loans” with all the amount that is maximum of loans increased from $500 to $2,500. Leia mais