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State Measure Would Control Pay Day Loans to Military Staff

State Measure Would Control Pay Day Loans to Military Staff

Controversial pay day loans soldiers that are targeting from Iraq are now actually into the crosshairs of politicians.

Assemblyman Ted Lieu, a Torrance Democrat, introduced a bill, AB7, that will tighten up state enforcement of 36-percent interest that is annual caps on loans to army workers and their own families, in keeping with recent suggestions by the Department of Defense.

Lieu is just a reservist when you look at the Navy’s Judge Advocate General corps and it is acquainted with the matter having been both a prosecutor and a protection lawyer in situations involving debtors that are military who face charges far stiffer than foreclosures, repossessions or dings on credit file. Under armed forces legislation failure to pay for debts is known as a criminal activity, and when workers are faced with it they can’t be deployed that can even face release.

«this really is a question of nationwide protection,» Lieu stated. «AB7 is an extremely bill that is important it delivers a definite message that Ca will not tolerate unscrupulous financing techniques that benefit from our armed forces workers and their loved ones.»