Update requested
Date: Tue, 02/17/2009 - 07:40
Whatever happen to the Payday Reform Act of 2007 at the Federal Level? Are you aware of any potential federal laws to expand protection to consumers for taking out these illegal loans. I know the State Laws, especially in Illinois, are enforcing the laws. Thanks to our former Governor Blago. Hey, I know the man has issues but this is one law I am glad that he pass in 2005. According the recent PDL report, this act saved Illinois consumers millions in interest rates and fees.
But what about the Federal level and would you consider companies that are not licensed or ignoring the state laws are committing internet crimes? Is that pushing it?
But what about the Federal level and would you consider companies that are not licensed or ignoring the state laws are committing internet crimes? Is that pushing it?
reply
actually being in illinois myself i like our payday loan laws.the national average obama was proposing was more than we pay now.i don't think any new laws will deter illegal internet pdl's.at least not now.
Paul, I agree, as the illegal ones will just make up new names,
Paul, I agree, as the illegal ones will just make up new names, create new websites etc. Then we'll be right back to square one.
The Payday Reform Act died when the new Congress was sworn in.
The Payday Reform Act died when the new Congress was sworn in. I don't know if it's been reintroduced. Unfortunately, I doubt it's a high priority with all the other financial mess they're supposedly dealing with in Washington.
