Bolkcom has introduced bills with proposed pay day loan legislation almost every session

Bolkcom has introduced bills with proposed pay day loan legislation almost every session

WITHOUT REGULATION, “CONSUMER BEWARE”

Since he joined the Iowa Legislature in 1999.

“Regulations are essential. Customers anticipate regulators and their federal federal government wouldn’t normally allow that loan item to be accessible that didn’t possess some variety of customer security. Loans from banks have actually all forms of defenses when it comes to customer. In pay day loans, it really is consumer beware” he stated.

Bolkcom proposed a bill throughout the 2013 legislative session that proposed capping the apr at 36 %, really expanding the limit set by the federal Military Lending Act of 2007, which created a 36 % limit for payday-style loans to active-duty army workers and their dependents.

The bill made it through the Ways and Means Committee, which Bolkcom chairs during the 2013 session. As the bill passed the committee it might have been mentioned for debate throughout the 2014 session, nonetheless it didn’t make the cut.

“The senate frontrunner will still only bring things up through the House, ” Bolkcom said if he thinks there are the votes to get it. 继续阅读“Bolkcom has introduced bills with proposed pay day loan legislation almost every session”