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Brand Brand New California Law Targets Long Haul Payday Advances; Will Payday Lenders Evade it?

Brand Brand New California Law Targets Long Haul Payday Advances; Will Payday Lenders Evade it?

FOR IMMEDIATE LAUNCH: October 11, 2019 National customer Law Center contacts: Lauren Saunders

Washington, D.C. Advocates in the nationwide customer Law Center applauded news that California Governor Gavin Newsom belated yesterday finalized into legislation AB 539, a bill to end crazy rates of interest that payday loan providers in Ca are recharging on the bigger, long haul pay day loans, but warned that the payday lenders are usually plotting to evade the new legislation.

“California’s brand law that is new payday loan providers being charging you 135% and greater on long haul payday loans that put individuals into an even much much much deeper and longer financial obligation trap than temporary pay day loans,” said Lauren Saunders, connect director regarding the National customer Law Center.