Virginia Consumer Protections: Virginia enacted the Fairness in Lending Act in 2020, capping consumer loans at 36% APR and reforming the payday and title lending industry. Short-term loans are limited to $2,500 with reasonable terms. Consumers can file complaints with the Bureau of Financial Institutions or the Attorney General.
Interest Rate Cap: Virginia usury cap: 36% APR cap on consumer loans (Fairness in Lending Act, 2020); 12% general usury.
Payday lending is restricted (max $2500).
Key Regulations: - The Fairness in Lending Act (2020) capped all consumer loans at 36% APR plus a maintenance fee.
- Replaced the previous open-end credit and payday loan frameworks.
- Short-term loans limited to $2,500 with a maximum 24-month term.
- The Virginia Consumer Protection Act provides additional protections against high-cost lending.
Federal protections: The FCRA gives you the right to dispute inaccurate credit report information for free. Credit repair companies cannot charge before performing services (Credit Repair Organizations Act).
Free resources: Get a free credit report annually at AnnualCreditReport.com.
File complaints with Virginia Attorney General Consumer Protection Section.
