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State Measure Would Control Pay Day Loans to Military Staff

State Measure Would Control Pay Day Loans to Military Staff

Controversial payday advances targeting soldiers coming back from Iraq are now actually when you look at the crosshairs of politicians.

Assemblyman Ted Lieu, a Torrance Democrat, introduced a bill, AB7, that will tighten up state enforcement of 36-percent interest that is annual caps on loans to armed forces workers and their own families, in line with recent tips by the Department of Defense.

Lieu is a reservist within the Navy’s Judge Advocate General corps and it is knowledgeable about the problem having been both a prosecutor and a protection lawyer in situations involving debtors that are military who face charges far stiffer than foreclosures, repossessions or dings on credit history. Under armed forces legislation failure to cover debts is regarded as a criminal activity, as soon as workers are faced with it they can not be implemented that will even face release. Continue reading State Measure Would Control Pay Day Loans to Military Staff