From FDIC to The Good Guys – US Senate Bill 1753

This bill is waiting signature by the Governor as of 9/16/19. His comments on payday lenders during the 2018 election indicates that he will sign it. This is the first change in 30 plus years. Lenders can ONLY charge 36% plus the Federal Funds Rate which currently is 2%. This rate applies to loans from $2,500 to $9,999. A law was passed in 1985 that applies to loans under $2,500.  For more information: https://www.latimes.com/california/story/2019-09-13/high-interest-rate-loans-cap-california-legislature

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