Lendmark Supports California Consumer Protection Bill Signed into Law
ATLANTA–( BUSINESS WIRE )–California Governor Gavin Newsom finalized into legislation AB539, the Fair use of Credit Act, in reaction into the epidemic connecting singles that is growing of financing that is presently allowed beneath the California Financing Law(1).
Based on the many Department that is recent of Oversight report, over 55% of loans to customers between $2,500 and $5,000 had been being charged prices of 100% APR or higher(2). AB539’s overwhelming and support that is bipartisan this present year’s legislative session was a wonderful rebuke of this high-cost lending lobbying efforts that had thwarted earlier tries to implement more sensible rates beneath the California Financing Law(3). […]