Brand Unique California Law Targets Long Haul Pay Day Loans; Will Payday Lenders Evade it?
Washington, D.C. Advocates in the National consumer Law Center applauded news that Ca Governor Gavin Newsom belated yesterday finalized into legislation AB 539, a bill to avoid crazy interest levels that pay day loan providers in Ca are payment with their larger, long term payday advances, but warned that the payday lenders appear to be plotting to evade the brand name legislation that is new.
California s brand legislation that is new payday lenders being billing 135% and greater on long term pay check loans that put people into a much much much deeper and longer monetary responsibility trap than quick term payday loan said Lauren Saunders, connect supervisor with this National customer Law Center. (more…)