Making the point
April 30, 2009 | federal legislation, industry | Comments (0)There is some confusion on Congressman Louis Gutierrez’s payday lending bill. The congressman’s fee of 15 cents per dollar is a ceiling not a floor. So states are still free to further regulate the industry. As well, the bill does not pre-empt state laws so it is not a 50-state bill. CFSA’s “Know your fee” page shows the fees in each of the states. You’ll see higher fees in 23 states than the Gutierrez bill permits.
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