Topic
Interest Rate Caps
49 published works
Consumer Financial Services Review
Illinois Imposes 36% Rate Cap
By David L. Beam, Steven M. Kaplan, Eric T. Mitzenmacher, Jeffrey P. Taft, Daniel Pearson
On March 23, 2021, Illinois Governor JB Pritzker signed into law Senate Bill 1792, enacting the Predatory Loan Prevention Act (PLPA) and capping interest at an “all-in” 36% APR (similar…
Financial Services Perspectives
Illinois Caps Consumer Loans at 36% Rate, Limiting Consumers’ Access to Credit
Last week, Illinois enacted the “Predatory Loan Prevention Act” (SB 1792), which would place a 36% rate cap on nearly all non-bank consumer loans. This act will essentially outlaw small-dollar…
FinReg + Policy Watch
Illinois Imposes 36% MAPR Rate Cap on Consumer Loans; Takes Aim at Fintech-Bank Partnerships and Secondary Market Transactions
By FinReg Blog
On March 23, 2021, the Predatory Loan Prevention Act (the “PLPA”) was signed into law by Illinois Governor J.B. Pritzker. The PLPA imposes a 36% military annual percentage rate (“MAPR”)…
Consumer Finance Monitor
Nebraska voters chose to cap annual interest charged for payday lending at 36%
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…
Consumer Finance Monitor
California Dept. of Business Oversight launches “true lender” investigation of auto title lender’s partnership with Utah bank
On September 3, 2020, the California Department of Business Oversight (DBO) announced that it has launched a formal investigation into whether Wheels Financial Group, LLC d/b/a LoanMart, formerly one of…
Crunched Credit
LIBORCast: Interest Rate Caps, Derivatives and Value Transfer with Chatham Financial
By Rosamond Doran, Crunched Credit
In the fourth installment of our new LIBORcast program, Matthew Hays and Jonathan Gaynor discussed interest rate caps, derivatives and value transfer with Chatham Financial’s Rob Mangrelli and Matt Hoffman. Tune in…
Consumer Finance Monitor
This week’s podcast: The OCC and FDIC “Madden fix” final rules and related recent developments
After reviewing the legal foundation for federal preemption of state law limits on interest, we discuss the final OCC/FDIC “Madden fix” rules, the “true lender” issue, potential Congressional or litigation…
Consumer Finance Monitor
Virginia House of Delegates passes bill to establish 36% rate cap for “short-term” and other loans
On January 31, 2020, by a vote of 65 to 33, the Virginia House of Delegates passed a bill that would establish a 36% rate cap on certain consumer loans.…
Financial Services Perspectives
New Legislation in House, Senate Would Cap Consumer Loans at 36%, Crippling the Industry
By J. David Stewart III, Andrew J. Narod
New federal legislation introduced in the House and Senate would place a 36% annual percentage rate cap on nearly all consumer loans, potentially killing the small dollar consumer lending industry.…
Consumer Finance Monitor
Bill to impose 36% rate cap on consumer credit expected to be introduced
According to an NPR report published last week, a group of lawmakers consisting of three Democratic Senators, one Democratic House member, and one Republican House member is expected to introduce…