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Read MoreThese two sections of the Dodd-Frank Act directly impact the payday lending industry: 1024 – Supervision of Nondepository Covered Persons This section grants rule-making and enforcement power over payday lending to the newly created Bureau of Consumer Financial Protection. 1205 – Low-cost Alternatives to Payday Loans This section will provide funding & support to “entities”…
Read MoreThis article, from the Washington Independent, discusses the payday lending industries past lobbying efforts that have effectively stopped regulation of the payday loan industry from taking place. But now with the Dodd-Frank Act and it’s creation of the Consumer Financial Protection Bureau, with full rule-making and enforcement authority over payday lenders, it appears that payday…
Read MoreThese “informational” websites are all sponsored/funded by members of the payday loan industry: Community Financial Services Association Payday Pundit’s Blog Online Payday Loans
Read MoreThese groups all work on Payday Lending issues: National Consumer Law Center Consumer Media Center for Responsible Lending Americans for Fairness in Lending AARP Consumer Federation of America
Read MoreThis model state statute, published in October, 2000 by the AARP, contains many of the provisions that have been repeatedly proposed and rejected by Congress. Important provisions include; a $300 maximum loan amount, 36% per annum maximum interest rate, and prohibiting rollovers.
Read MoreThis report, created and published by the National Consumer Law Center, discusses the various characteristics that alternatives to payday loans must possess. It also takes a close look at the current alternatives available and how they compare to payday loans. Additionally, the report contains a history of the often called-for 36% maximum APR on small…
Read MoreThis chart summarizes the past federal payday lending legislation from 1999-2010.
Read MoreChoice of venue provisions in a warranty, contract, or software agreement may be unenforceable under certain circumstances. Where a software company had already made a contract for the sale of the software and simply included the choice of venue information with the shipment of the software, the Kansas Supreme Court held that it was unenforceable, as…
Read MoreThere are several types of warranties recognized under the law. Warranties are generally divided into two main groups: express warranties and implied warranties. Express warranties, as their name suggests, are expressly made by the seller or manufacturer of a product. Generally, express warranties are made in writing, but they need not be in order to…
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