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Breaking News Home | All | Religion | Society | Tech | Choice | SA News
FRONT PAGE  |  7/30/2015
MONDAY, MAY 20, 2013  |  1 comments
Payday lenders skirt military law
Seven years after Congress banned payday-loan companies from charging exorbitant interest rates to service members, many of the nation’s military bases are surrounded by storefront lenders who charge high annual percentage rates, sometimes exceeding 400 percent.

The Military Lending Act sought to protect service members and their families from predatory loans. But in practice, the law has defined the types of covered loans so narrowly that it’s been all too easy for lenders to circumvent it.

“We have to revisit this,” said Sen. Dick Durbin, D-Ill., who chairs the defense appropriations subcommittee and is the Senate’s second-ranking Democrat. “If we’re serious about protecting military families from exploitation, this law has to be a lot tighter.” ...


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seattletimes.com

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News Item5/20/13 4:34 PM
Kat | USA  Contact via emailFind all comments by Kat
So just military families? Very shortsighted!
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