Senators Introduce Bill to Crack Down on Online Pay Day Loans

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Senators Introduce Bill to Crack Down on Online Pay Day Loans

Washington, DC – Today, Oregon’s Senator Jeff Merkley, Senator Tom Udall (D-NM), Senator Dick Durbin (D-IL) and Senator Richard Blumenthal (D-CT) introduced the Stopping Abuse and Fraud in Electronic (SECURE) Lending Act. The SECURE Lending Act would crack straight straight down from the worst techniques of this online lending that is payday and present states more capacity to protect consumers from predatory loans.

“We tossed the payday lenders, who victimize families if they’re at their many vulnerable, away from Oregon back 2007, ” stated Merkley. “Technology has brought many of these frauds online, and it is time for you to break straight straight down. Families deserve a reasonable shake whenever they are seeking to borrow cash, maybe not predatory loans that trap them in a vortex of financial obligation. “

“all too often, families whom move to payday fall that is lending to deceitful techniques making it harder for them in order to make ends fulfill. With payday lending going online, the possibilities for punishment are growing, ” stated Udall. “We owe it to those that earn a paycheck that is honest make sure they’re protected online in the same way these are typically in several of y our states, like brand New Mexico. “