WITHOUT REGULATION, “CONSUMER BEWARE”

Since he joined the Iowa Legislature in 1999.

“Regulations are essential. Customers anticipate regulators and their federal government will never enable that loan item to be accessible that didn’t involve some type or type of customer security. Loans from banks have got all forms of defenses when it comes to customer. In pay day loans, its consumer beware” he stated.

Bolkcom proposed a bill throughout the 2013 legislative session that proposed capping the apr at 36 %, basically expanding the limit set by the federal Military Lending Act of 2007, which developed a 36 per cent limit for payday-style loans to active-duty army workers and their dependents. Continue reading →