Policy & Legislation
Battles rage across the country between the payday lending industry and coalitions of citizens groups who are increasingly insisting they will not accept 400 percent interest lending. Fifteen states plus the District of Columbia have outlawed triple-digit interest, and two states rejected them in ballot measures last November – Ohio and Arizona, which becomes the sixteenth state to put a stop to the predation through an interest rate cap as of July 2010.
Other than protecting military families with a 36% APR cap on small predatory loans, Congress has not yet moved to expand reforms across the country, and some big national banks are beginning to get into the business with loans that are virtually indistinguishable from storefront payday loans.
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- Payday lenders cannot avoid state laws by partnering with banks
Published: Apr 23 2004 Issue: Payday Loans
CRL's amicus brief in support of Georgia Attorney General Baker in Bankwest v. Baker. CRL argues that the Federal Deposit Insurance Act does not provide payday lenders with the benefit of...