Senate Bill 515 "Reforming Payday Loans"
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.
SB 515 proposes a series of reforms to allow payday loans to better serve their advertised purpose while making the loans safer for consumers. Read the bill summary >>
Published: April 5, 2013
Categories: Payday Loans