After several years of legislative efforts to foster a safe and viable marketplace for little loans, Virginia lawmakers in 2020 passed bipartisan legislation—the Fairness in Lending Act (S.B. 421/H.B. 789)—to prohibit loans with big last re re payments, referred to as balloon re re payments, and reduce rates. The legislation rationalizes exactly just what was in fact a disparate regulatory framework, governed with a patchwork of guidelines that permitted payday and car name loans with unaffordable re payments and needlessly high expenses, and uncovered borrowers to monetary harm, including duplicated borrowing and high prices of car repossession. Past research by The Pew Charitable Trusts indicated that prior to the reforms, businesses routinely charged Virginians 3 x a lot more than clients in lower-cost states. 1