Cartwright & Cohen Introduce Legislation to Cap Excessive Interest & Fees on all Consumer Credit Products
Targeted News Service |
Today, U.S. Rep.
Predatory lending - defined by the
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In 2006,
To ensure compliance with the cap, the bill would create specific penalties for violations and supports enforcement in civil courts and by State Attorneys General.
"Throughout my career, I have worked to shield people from those who would take advantage of them through predatory lending practices. Predatory lenders wreck people's lives and perpetuate a cycle of indebtedness. Justice and morality dictates that reasonable caps on interest be enacted to protect borrowers from devious lenders," said Rep. Cohen.
"As we continue moving toward economic recovery, too many of America's working families continue to struggle. For some, payday lenders offer a quick way to make ends meet, but often with devastating consequences. With interest rates of two and three hundred percent of value of the loan, these excessive rates and hidden fees have crippling effects on those who can afford it least. I am glad to be joined today by Representatives Cartwright and Cohen in taking action to help protect working families from these predatory lending practices," said Senator Durbin.
38 organizations have endorsed the legislation including the
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