Court Overturns State Law Protecting Borrowers From High Interest Loans

Court Overturns State Law Protecting Borrowers From High Interest Loans

by Barbara Jones, Sr. Attorney, AARP Foundation Litigation/p>

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A appeals that are federal hit straight down an Indiana consumer-protection legislation that desired to manage out-of-state loans geared towards Indiana residents. The language regarding the viewpoint had been grounded on U.S. constitutional maxims, that makes it an opinion that is problematic may bolster challenges to comparable customer security rules in other states.

AARP Indiana worked utilizing the Indiana Department of Financial Institutions (DFI) supporting passing of 2007 legislation that mandates that out-of-state lenders who get Indiana borrowers comply with Indiana legislation. Read more