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Bill to crack down on payday lenders

Source: KTVZ.COM

Senator Jeff Merkley and Reps. Suzanne Bonamici and Elijah Cummings introduced the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act, aimed at cracking down on some of the worst abuses of the payday lending industry, particularly in online payday lending, and protect consumers from deceptive and predatory practices that strip wealth from working families.

The SAFE Lending Act of 2018 would:

Allow consumers to cancel an automatic withdrawal in connection with a small-dollar loan.

Require all lenders, including banks, to abide by state rules for the small-dollar, payday-like loans they may offer customers in a state.

Read Full Article: Bill to crack down on payday lenders

 
 
 

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