Ca trails in regulating short-term loan providers. This bill could rein them in finally

Ca trails in regulating short-term loan providers. This bill could rein them in finally

After many years of unsuccessful tries to rein in California’s “small-dollar” loan providers, supporters of the bill to cap rates of interest are hoping that the wider coalition of backers and a governor who’s got talked down against predatory financing is likely to make a significant difference.

Assembly Bill 539, which will set an interest that is annual limit of 36% along with a 2.5% federal funds price on loans of $2,500 to $10,000, is sponsored by the Los Angeles County Board of Supervisors and supported by Atty. Read More