Legislation would cap rates of interest and costs at 36 % for many credit rating transactions

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Washington, D.C. – U.S. Senator Sheldon Whitehouse (D-RI) has joined Senate Democratic Whip Dick Durbin (D-IL) in launching the Protecting customers from Unreasonable Credit Rates Act of 2019, legislation that will get rid of the exorbitant prices and high charges charged to customers for pay day loans by capping rates of interest on customer loans at a percentage that is annual (APR) of 36 percent—the same restriction presently set up for loans marketed to army solution – people and their loved ones. Read more →