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Let me make it clear about Payday Loan Fight Goes Bipartisan in States as CFPB Backs Off

Let me make it clear about Payday Loan Fight Goes Bipartisan in States as CFPB Backs Off

Shutting a loophole in Georgia’s usury laws and regulations that enables car name lenders to charge rates of interest since high as 300% is neither a Democratic nor Republican problem to State Sen. Randy Robertson.

The Republican lawmaker stated bringing car name loan providers beneath the state’s 60% rate of interest limit, which includes effectively prevented payday financing from taking hold when you look at the state, is mostly about assisting people away from hopeless circumstances.

“I saw the part that poverty played in criminal activity.