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 who already have over $500 in payday loan debt more loans, this new measure from Governor Bentley also helps protect lenders to remain in compliance with state law.
However, there is no existing uniform, state-wide database that ensures both lenders and borrowers will comply. Governor Bentley called for a centralized payday loan database to resolve this problem that hopefully will be operational by January of 2014.
Unfortunately, payday loans and other debts can cause individuals serious financial struggles. If you are in such a situation in Birmingham, talk with an attorney from Greenway Bankruptcy Law, LLC, today about your financial options for getting out of debt. We can discuss your bankruptcy and other financial options with you when you call (205) 324-4000.