As Congress ponders a 36% national rate cap on loans, Californians face the bizarre situation in which the state's usury law doesn't apply to lenders.
A majority of Americans say they’ve been having trouble sleeping since the start of the pandemic. Fixing that, experts say, won’t be easy., which generally prevents states from telling big banks how to conduct their business.that a bank can charge all customers, no matter where they’re located, whatever rate is allowed by the bank’s home state.This prompted South Dakota to throw out its own usury law and invite lenders to set up shop there.
Stir payday lenders into the mix, and you can see why some Democratic lawmakers say it’s time for a national rate cap. Annual interest rates for payday loans can top 400%. “A national rate cap will protect all consumers in the United States from this kind of abuse,” she said.A Highland Park man, who says he hasn’t smoked for 25 years, was told by Hertz to pay a $400 fee after workers claimed they smelled cigarettes.
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