Policy & Legislation
The California office works with regulatory agencies as well as the Legislature on payday lending policy.
- Senate Bill 515 "Reforming Payday Loans"
April 5, 2013
California payday loan borrowers get caught in a cycle of repeat borrowing of 459% Annual Percentage Rate (APR) loans. Reforms are necessary to ensure that payday loans serve their advertised purpose and better protect consumers.
- CRL Strongly Supports SB 515 Reforming Payday Loans
April 2, 2013
SB 515 includes three principal reforms: it caps the number of payday loans per borrower at four per year; extends the minimum term of a payday loan, so that borrowers will have more time to accumulate the amounts necessary to repay it; and requires all lenders to apply standardized underwriting guidelines to ensure that borrowers have a reasonable ability to repay their loans.
- Reforming the Debt Trap in California
January 31, 2013
For California families living paycheck to paycheck, the high price of a payday loan and the fact that it must be paid off in one lump sum two short weeks later virtually ensures that cash-strapped borrowers will be unable to meet their basic expenses and pay off their loan with their next paycheck.
- Payday Loans: A Stepping Stone to Debt, Reduced Credit Options and Bankruptcy
June 24, 2009
Collection of research studies on payday lending that counter the argument that the absence of payday loans cause bankruptcy and suggest that access to payday loans increases the likelihood that borrowers will overdraft their bank accounts habitually and the likelihood that they become seriously delinquent on their credit cards.
- AB 377: Do Californians Need $500 Payday Loans?
June 18, 2009
- Payday Lending and the Debt Trap in California
May 31, 2009
Payday lending—the provision of 459% APR loans to cash-strapped borrowers—drains more than $450 million from California’s pockets every year.
- 2009 California Payday Lending Toolkit for New Legislators
January 1, 2009
The California Office of the Center for Responsible Lending prepared the following documents to help California's newest legislators navigate the predatory payday lending arena.
- SNAPSHOT: Payday Lending in California
January 1, 2009
CA Payday Fact and Policy Sheet. Data on payday lending and payday loans in California.