Legal advocates look to defend VA Fairness in Lending Act
Virginia legal advocates are on the lookout for attempts to subvert the state's Fairness in Lending Act. The 2020 law establishes a fair regulatory framework for lending in the state - but it seems some lenders are finding ways around it, such as referring to different types of loans as an "advance." A Consumer Reports investigation has found some "advances" have been offered at an interest rate of 490%. Jay Speer - executive director of the Virginia Poverty Law Center - said despite the name change, it's still a loan. ...