The American Banker (subscription) has posted the latest draft of the proposed rules from the Department of Defense implementing the 36% annual percentage rate cap — including fees — on loans to military members and their dependents. The cap, sponsored by then-Sen. Jim Talent, R-Mo., and part of the Defense authorization bill enacted in October, it intended to thwart payday lending near military bases. Much discussion and debate to come I am sure.
Monday, April 9, 2007
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