New state legislation limits payday, other “Debt Trap” loans. Nixon: Payday Lenders Are Circumventing Law

New state legislation limits payday, other “Debt Trap” loans. Nixon: Payday Lenders Are Circumventing Law

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Graphic of the predatory lending contract. Due to Ca Ebony Media

On Oct. 10, Gov. Gavin Newsom finalized Assembly Bill 539. The legislation places limitations on predatory financing methods in Ca he says “creates financial obligation traps for families currently struggling economically.”

Experts state loan providers whom provide these high-interest loans target disadvantaged individuals, more and more them Black and Brown customers residing in several of the most underserved census tracts within the state. New state legislation limits payday, other “Debt Trap” loans. Nixon: Payday Lenders Are Circumventing Law 더보기