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Senators Introduce Bill to Crack Down on Payday Loans Online

Senators Introduce Bill to Crack Down on Payday Loans Online

Washington, DC – Today, Oregon’s Senator Jeff Merkley, Senator Tom Udall (D-NM), Senator Dick Durbin (D-IL) and Senator Richard Blumenthal (D-CT) introduced the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act. The SECURE Lending Act would break straight straight down regarding the worst techniques associated with the online payday financing industry and provide states more capacity to protect customers from predatory loans.

“We tossed the lenders that are payday who victimize families once they’re at their many vulnerable, away from Oregon back in 2007,” stated Merkley. “Technology has brought many of these frauds online, and it’s really time for you to break straight straight straight down. (more…)

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