TITLE

New Rule Limits Predatory Loans

AUTHOR(S)
Wood, Sara
PUB. DATE
December 2007
SOURCE
Soldiers;Dec2007, Vol. 62 Issue 12, p38
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article focuses on the move of the U.S. Defense Department to establish new rules on high-interest emergency loans in 2007. The rules are aimed at protecting military service members who seek high-interest emergency loans. New limits on the annual percentage rate on payday loans, vehicle title loans and tax-refund anticipation loans have been set to 36% for active-duty service members. Accordingly, lenders who would violate these limits will be committing a criminal offense.
ACCESSION #
27729281

 

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