Consumer Lending Business Targeted because of the Alabama Legislature

Final thirty days, a team of 45 users of Alabama’s House of Representatives introduced a proposed amendment towards the Alabama Constitution that could cap the attention price a lender may charge a person on a “consumer loan, credit line, or other economic item.” The proposed amendment, presently referred to as home Bill 321, is really a direct assault on the Alabama Deferred Presentment Services Act and also the Small Loan Act, plus it contains a proposed interest price cap of 36 per cent each year for covered loans. This is actually the cap that is same because of the customer Financial Protection Bureau (CFPB) in its June 2016 proposed rulemaking on payday, car name, and specific high-cost installment loans. Read more “Consumer Lending Business Targeted because of the Alabama Legislature” →