An excerpt from the Round Table Discussion on Standard Form Contracts (The Fine Print in Contracts of Adhesion), June 4th, 2010 at the Carnegie Center in Washington, DC.Theresa Amato is the Executive Director of Citizen Works. http://www.citizenworks.org/Amato Dog Ate My Contract.mp3
These 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”…
This 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…
These “informational” websites are all sponsored/funded by members of the payday loan industry: Community Financial Services Association Payday Pundit’s Blog Online Payday Loans
These 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
This 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.
This 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…
This chart summarizes the past federal payday lending legislation from 1999-2010.
Contract:Pawn Ticket Contract.pdf
Contract:First Cash Advance Application and Contract.pdf