In a proposed bill, U.S. Senator Sherrod Brown suggested allowing families to withdraw money they would have received on their tax return, thereby allowing them to avoid the high interest of predatory payday loans, 1370 WSPD reported on January 19.According to the...
Payday Loans
Governor Bentley announces new measure to protect against payday loans
On September 18, Alabama Governor Robert Bentley signed a new consumer protection measure that will help people from taking on exorbitant debts as a result of payday loans.As the Alabama Deferred Presentment Services Act does not allow payday lenders to give people...
Bills to limit payday loans in Alabama stall
Laws attempting to change payday and title loans in Alabama stalled recently in the Alabama Legislature.The bills were being reviewed in the House Committee, but failed after industry leaders argued that the bills would substantially affect their business, even...
Bills seek to limit payday and title loan interest rates
Laws to regulate high rates of short-term loans and title loans were recently presented in an effort to keep people from being trapped into paying off debts with high interests.Rep. Patricia Todd, D-Birmingham, who introduced the bills, said a cap of 36 percent will...
U.S. regulators considering payday loan changes
To lessen the high interest rates of short-term loans that put consumers in a debt cycle, Federal regulators said recently they are going to impose gaps between loans.New guidelines will be issued to banks today by Federal Deposit Insurance Corp. and the office of the...
Consumers may be protected against ‘debt traps’
Taking action to limit the impact of short-term loans, like payday loans, is being considered by the U.S. Consumer Financial Protection Bureau in an effort to protect consumers against loans that can become “debt traps,” according to its director recently.Payday loans...