Oregon Puts Checks on Pay Day Pillaging
I'm feeling very optimistic today for consumer protection: Oregon has enacted legislation to protect consumers against predatory lending practices, focusing on pay-day and auto title loans that impose interest rates as high as 500% APR. Go Oregon!
Check out the Consumer Law and Policy Blog for details. The author spots potential holes left in the law that would allow for further exploitation of the dollar-distressed, but the changes made definitely affect consumers for the better.