Brand 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 methods in Ca he claims “creates financial obligation traps for families currently struggling economically.”

Critics state loan providers whom provide these high-interest loans target disadvantaged individuals, large numbers of them Black and Brown customers staying in a few of the most underserved census tracts into the state. Weiterlesen