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Attorney General Josh Stein Fights Legislation That Would Weaken States’ Ability To Prevent Abusive Lending Practices

Release date: 6/28/2018

Bipartisan Group of 20 States Objects to Congressional Leaders

(RALEIGH) Attorney General Josh Stein today urged U.S. Congressional leadership to reject HR 3299 (“Protecting Consumers’ Access to Credit Act of 2017”) and HR 4439 (“Modernizing Credit Opportunities Act”). Attorney General Stein, along with 19 other Democratic and Republican attorneys general, wrote U.S. Senate leadership to express his opposition to this legislation, which could invalidate North Carolina’s ability to limit interest rates on payday and other high interest loans. It also would undermine states’ ability to enforce consumer protection laws.

“North Carolina ran the payday lenders out of our state for violating our laws and hurting our people,” said Attorney General Josh Stein. “It is my job to protect North Carolina consumers – and so I urge our leaders in Washington to reject any legislation that would let these corporate loan sharks back in our state.”

As the attorneys general expressed in their letter, HR 3299 and HR 4439 would constitute a substantial expansion of the preemption of state usury laws, which have long been recognized as the purview of the individual states. Specifically in North Carolina, our laws to protect consumers from predatory lending are very strong. These bills would undermine that significant and important effort.

Attorney General Stein is joined in this effort by attorneys general from California, Colorado, District of Columbia, Hawaii, Illinois, Iowa, Maryland, Massachusetts, Minnesota, Mississippi, New Mexico, New York, Oregon, Pennsylvania, Rhode Island, Tennessee, Vermont, Virginia, and Washington.

Laura Brewer (919) 716-6484


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