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Consumer Lending Industry Targeted by the Alabama Legislature

Consumer Lending Industry Targeted by the Alabama Legislature

Final month, a small grouping of 45 people in Alabama’s House of Representatives introduced a proposed amendment towards the Alabama Constitution that could cap the attention rate a loan provider may charge a person on a “consumer loan, credit line, or any other monetary item.” The proposed amendment, presently referred to as home Bill 321, is just a direct attack on the Alabama Deferred Presentment Services Act as well as the Small Loan Act, and it also contains a proposed interest price limit of 36 per cent each year for covered loans. Here is the exact same limit proposed because of the customer Financial Protection Bureau (CFPB) in its June 2016 proposed rulemaking on payday, car name, and particular high-cost installment loans. Home Bill 321 has been introduced to your Alabama Home of Representatives’ Committee on Constitution, Campaigns and Elections. Continue reading