NCLC's 50 State Survey Finds Gains and Losses of Consumer Protections Since 2015
Updated analysis of the laws of 50 states and Washington, D.C., plus maps, charts, tables, and the complete list of recommendations, tips for consumers, and an online interactive map and table sortable by state or loan amount are available at: http://bit.ly/2vRZkEf
BOSTON - The fight to rein in predatory installment loan laws in the 50 states and the District of Columbia has resulted in significant gains but also some losses for consumers over the last two years, according to an updated analysis by the National Consumer Law Center (NCLC).
“In state after state, high-cost lenders have sought to weaken state laws that protect consumers from high-cost installment loans by non-banks,” said Carolyn Carter, deputy director at the National Consumer Law Center and co-author of Predatory Installment Lending in 2017: States Battle to Restrain High-Cost Loans. “Although there are some notable exceptions, consumers and their advocates have not only persuaded legislators to vote down most of these proposals, but have also won improvements in existing state laws.” She cautioned, though, that the fight is by no means over--payday lenders can be expected to be back in force when legislative sessions reopen, pushing for state laws to open the floodgates to predatory installment loans.