Bipartisan legislation referred to as Veterans and Consumers Fair Credit Act would expand Military Lending Act defenses on pay day loans to veterans and civilians alike
Washington, DC – People in america for Financial Reform today applauded the development of the Veterans and Consumers Fair Credit Act of 2019, legislation that will expand the 36 % APR interest rate limit on payday and lenders that are car-title the Military Lending Act (MLA) to pay for all People in america.
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The bill ended up being introduced by Representatives Jesъs “Chuy” Garcнa (D-IL) and Glenn Grothman (R-WI) into the home and Senators Sherrod Brown (D-OH), Jeff Merkley (D-OR), Jack Reed (D-RI) and Chris Van Hollen (D-MD) into the Senate. The MLA caps interest levels on loans to service that is active and their loved ones, but veterans and civilians aren’t protected under present legislation.
“For too long, payday and car-title loan providers have already been permitted to exploit the absolute most vulnerable people in our communities,” said Linda Jun, senior policy counsel for People in america for Financial Reform. Read more