Brand New State Law Restricts Payday, Other “Debt Trap” Loans

Brand New State Law Restricts Payday, Other “Debt Trap” Loans (CBM) – On Oct. 10, Gov. Gavin Newsom finalized Assembly Bill 539. The legislation places limitations on predatory financing techniques in Ca he claims “creates debt traps for families currently struggling financially.” Experts say loan providers who provide these high-interest loans target disadvantaged individuals, more and more them Black and Brown customers residing in a few of the most census that is underserved when you look at the state. They are Californians who will be typically rejected old-fashioned loans from banks as a result of woeful credit or not enough collateral. […]