California Enacts Rate Of Interest and Other Limitations on Customer Loans
The key provisions include as explained in our Client Alert on the bill
- Imposing price caps on all consumer-purpose installment loans, including signature loans, auto loans, and automobile name loans, in addition to open-end credit lines, where in fact the level of credit is $2,500 or even more but significantly less than $10,000 (вЂњcovered loansвЂќ). Ahead of the enactment of AB 539, the CFL currently capped the prices on consumer-purpose loans of not as much as $2,500.
- Prohibiting fees on a loan that is covered surpass a straightforward yearly interest of 36% and the Federal Funds speed set by the Federal Reserve Board. Continue reading “California Enacts Rate Of Interest and Other Limitations on Customer Loans”