Whitehouse, Durbin Introduce Bill to Crack Down on Pay Day Loans

Whitehouse, Durbin Introduce Bill to Crack Down on Pay Day Loans

Legislation would cap interest levels and charges at 36 percent for many credit rating transactions

Washington, D.C. – U.S. Senator Sheldon Whitehouse (D-RI) has joined Senate Democratic Whip Dick Durbin (D-IL) in launching the Protecting customers from Unreasonable Credit Rates Act of 2019, legislation that will get rid of the extortionate rates and steep charges charged to customers for payday advances by capping rates of interest on customer loans at a percentage that is annual (APR) of 36 percent—the same restriction presently set up for loans marketed to army solution – users and their loved ones.…