A payday lender in Sacramento. Photo by Robbie Short.
In summary
California’s payday lending regulatory structure is feeble. This state’s law ranks as one of the nation’s weakest, and significant ambiguities in the statute’s language and legislative history have been interpreted to favor industry and harm consumers’ interests. Consumers increasingly are vulnerable to myriad dangers.
My turn: State law and legislators fail California consumers on high-interest loans
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In summary
California’s payday lending regulatory structure is feeble. This state’s law ranks as one of the nation’s weakest, and significant ambiguities in the statute’s language and legislative history have been interpreted to favor industry and harm consumers’ interests. Consumers increasingly are vulnerable to myriad dangers.
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