The American Financial Services Association (AFSA) has reached out to Virginia Governor Glenn Youngkin, urging him to veto Senate Bill 1252. The bill proposes a 12% rate cap on consumer credit, which AFSA argues could negatively impact access to credit for Virginians, particularly those with lower credit scores.
According to AFSA, the proposed legislation would create uncertainty for lenders due to its vague language and could limit access to legitimate lending options. "AFSA warns that this bill would severely restrict access to credit for Virginians, especially those with lower credit scores," the association stated. They also expressed concern that the bill's anti-evasion provisions might push consumers toward unregulated and higher-cost alternatives.
AFSA's letter advocating against SB 1252 is available in the direct advocacy section of their website.