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HB 59 would exempt fintech payday loans from New Mexico’s lending laws and interest rate limits. The bill is based on the model law by the conservative American Legislative Exchange Council (ALEC). It offers a fee limit that would still result in triple digit APRs and mounting fees, places no cap on purportedly voluntary “tips”…
NCLC Opposes HR 8338, which would exempt any bank or other creditor that offers specified small-dollar loans from any civil penalties or damages for violating TILA, the FCRA, ECOA, EFTA and other laws.
Read More about Letter Opposing HR 8338 (Kim), Clarity in Lending Act
H4456 declares that fintech payday loans are not loans and their costs are not interest subject to Massachusetts’ protections against predatory lending. Currently in Massachusetts, loans under $6,000 are limited to “23% per annum of the unpaid balances of the amount financed calculated according to the actuarial method plus an administrative fee of $20.” H4456…
Read More about Testimony in Opposition to H4456: An Act Relative to Financial Technology Services
NCLC supports the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act.
Coalition Letter to the Committee on Banking, Housing, and Urban Affairs re: Support for Veterans and Consumers Fair Credit Act
Read More about Coalition Letter Supporting the Veterans and Consumers Fair Credit Act