Washington, DC – Today, Oregon’s Senator Jeff Merkley, Senator Tom Udall (D-NM), Senator Dick Durbin (D-IL) and Senator Richard Blumenthal (D-CT) introduced the Stopping Abuse and Fraud in Electronic (SECURE) Lending Act. The SECURE Lending Act would crack down regarding the worst methods associated with the online payday lending industry and provide states more capacity to protect customers from predatory loans.
“We tossed the lenders that are payday who victimize families if they’re at their many vulnerable, away from Oregon back 2007, ” stated Merkley. “Technology has brought many of these frauds online, and it’s really time and energy to break straight down. Families deserve a shake that is fair they are trying to borrow cash, maybe maybe maybe not predatory loans that trap them in a vortex of financial obligation. “
“all too often, families whom look to payday lending autumn target to deceitful techniques making it harder for them to help make ends fulfill. With payday lending going online, the possibilities for punishment are growing, ” stated Udall. “We owe it to people who make a paycheck that is honest make sure they truly are protected online just like these are typically in several of y our states, like New Mexico. “