CRL Supports Indiana’s Regulation of Car Title Lending
Indiana prohibits car title loans to its residents with an annual interest rate above 36%. In 2006, the car title lending industry lost a fight in the Indiana legislature to have that interest cap removed. But now the industry's lawyers believe they have found a loophole in the restriction by drawing Indiana residents across the border into car title lender's Illinois offices to complete the loan paperwork. These loans violate Indiana law by charging more than a 300% interest rate. But while the lenders advertise to Indiana residents through Indiana media outlets, have the Indiana Bureau of...