Bipartisan legislation would expand Military Lending Act defenses on pay day loans to veterans and civilians alike
Washington, DC вЂ“ People in the us for Financial Reform today applauded the introduction ofthe Veterans and Consumers Fair Credit Act of 2019, legislation that will expand the 36 % APR rate of interest limit on payday and lenders that are car-title the Military Lending Act (MLA) to pay for all Us citizens.
The bill had been introduced by Representatives JesГєs вЂњChuyвЂќ GarcГa (D-IL) and Glenn Grothman (R-WI) within 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 active solution users and their own families, but veterans and civilians aren’t protected under present legislation.
вЂњFor too long, payday and car-title loan providers have now been permitted to exploit the absolute most vulnerable people in our communities,вЂќ said Linda Jun, senior policy counsel for Us citizens for Financial Reform. (more…)