State Measure Would Control Pay Day Loans to Military Staff

State Measure Would Control Pay Day Loans to Military Staff

Controversial payday advances soldiers that are targeting from Iraq are actually within the crosshairs of politicians.

Assemblyman Ted Lieu, a Torrance Democrat, introduced a bill, AB7, that will tighten up state enforcement of 36-percent annual rate of interest caps on loans to army workers and their loved ones, in line with recent tips because of the Department of Defense.

Lieu is just a reservist into the Navy’s Judge Advocate General corps and it is acquainted with the matter having been both a prosecutor and a protection lawyer in instances involving debtors that are military who face penalties far stiffer than foreclosures, repossessions or dings on credit file.Continue reading