With 72% voting in favor, Arizonans approved Proposition 209 decreasing the maximum lawful annual interest rate on “medical debt” from 10% to 3%, and increasing the amount of the homestead and other exemptions. These changes, which are effective immediately following …
interest rate cap
DOJ Settles SCRA Interest Rate Action Against Auto Finance Company
By Brian Turetsky on
On September 28, 2022, the Department of Justice (”DOJ”) announced a settlement with Westlake Financial Services (“Westlake”), a Los Angeles-based indirect auto finance company specializing in subprime and near-subprime loans, resolving allegations that Westlake failed to fully provide interest rate …
Nebraska voters chose to cap annual interest charged for payday lending at 36%
By Christine Emello on
Posted in Payday Lending, Regulatory and Enforcement
In last week’s election, Nebraska voters passed Initiative 428, a ballot measure that places a 36 percent APR cap on payday loans. The question presented to voters was:
Shall Nebraska statutes be amended to: (1) reduce the amount that delayed …
California Financing Law Rate Cap Advances to Governor Newsom’s Desk
By Ballard CFS Group on
Posted in Fair Credit, Regulatory and Enforcement
On the last day of California’s 2019 legislative session, by a vote of 61 to 8, the California State Assembly overwhelmingly passed Assembly Bill 539, the Fair Access to Credit Act. Governor Newsom has until October 13th to sign …
FDIC Published Notice of Proposed Rulemaking on Interest Rate Restrictions
By Scott A. Coleman & Catherine LaGrange on
Posted in FDIC, Regulatory and Enforcement
On Tuesday, the FDIC released a Notice of Proposed Rulemaking (NPR) that outlines anticipated revisions to its regulations regarding interest rate restrictions that apply to less than well capitalized insured depository institutions. The proposed rule modifies the methodology by which …