By Tom Dresslar, Special to CALmatters
The buck level of loans produced in 2017 by non-bank loan providers in Ca – $347.2 billion – surpassed the whole financial production of 33 states. Yet, state policymakers for decades have actually ignored this massive market.
California’s lending that is payday framework is feeble. The 2002 law ranks as you of this weakest that is nation’s and significant ambiguities when you look at the statute’s language and legislative history have already been interpreted to prefer industry and harm customers’ passions.
The effect is an industry where financial obligation traps ensnare thousands and thousands of borrowers. Read more