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State Cash Advance Regulations
Posted on Tuesday, May 17th, 2019 at 9:16 am in Cash Advances
Several states are reevaluating their regulations on cash advances, either giving lenders more freedom or introducing more restrictions on fees and interest rates to benefit consumers. Texas, Rhode Island, and Colorado are three states that have all recently looked and new cash advance regulations.
Cash Advances in Texas
Cash Advancess are largely unregulated in the state of Texas. Lenders are free to charge whatever interest rate they want, which sometimes means that consumers can be taken advantage of with unfair rates. Texas recently introduced new legislation that would cap intrest rates and monitor what lenders charge their customers to rein in any predatory practices. It seems like Texas is looking at regulations that will benefit both lenders and consumers with fair interest rates all the way around.
Cash Advances in Colorado
Colorado just reversed a law that requires lenders to refund the $75 service fee if customers pay back their loans before the 30 day lending period ends. Lenders complained that this law was unfair and kept them from collecting a fee they had rightfully earned. With the passing of Colorado’s new law, lenders are no longer mandated to refund customers for repaying early, but lenders who still choose to reward their customers may.
Cash Advances in Rhode Island
Rhode Island is considering a bill that will cap cash advance interest rates at the state maximum 36 per cent. In many other states that have passed similar interest rate restrictions, payday lenders have been chased out of the state due to the fact that they can no longer afford to operate in a high-risk lending industry while charging such low interest rates. While some interest rate regulations are good and healthy for both the industry and consumers, sever restrictions like Rhode Island is proposing could end up harming consumers by taking away financial choice from customers who rely on cash advance lenders.
Do you know what the regulations are in your state regarding payday lenders? You can find out more information by looking up the website for your state’s financial regulatory board. If you’re not comfortable with the measures your state has taken to regulate payday lending, contact your representatives and voice your consumer opinion.
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