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President caps payday loan rates to military personnel at 36 percent
October 18, 2006 - Washington, D.C.
President Bush signed the 2007 National Defense Authorization Act Tuesday. The Act includes an interest rate cap of 36% for payday loans made to military personnel. The rate cap was authored by Senators Jim Talent (R-MO) and Bill Nelson (D-FL). In addition to the 36% cap on annual interest rates, the amendment prohibits use of a personal check or other method to access the borrower's bank account, or the title to their vehicle as collateral for a small loan. Congress approved the Talent Nelson amendment in September. In preparation for the new law, Advance America, the country's largest cash advance provider, began denying access to payday loans by military personnel last month. The Act, officially called the John Warner National Defense Authorization Act for Fiscal Year 2007, was signed during a small ceremony in the Oval Office. Warner is Virginia's senior senator and the chairman of the Senate Armed Services Committee. The Act provides more than $530 billion to maintain the military and to win the war on terror.
News Source
RTO Online, Staff Writer
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