Fri October 5, 2012
State Attorney General Wants Crackdown on Predatory Lending
New Hampshire Attorney General Michael Delaney is joining 40 other state attorneys general in urging congress to crackdown on predatory lending practices.
Delaney today signed a joint letter urging Federal lawmakers to oppose the Consumer Credit Access, Innovation and Modernization Act.
They argue that the bill will give payday lenders and check cashers the ability to sidestep more stringent state laws.
James Boffetti, Senior Assistant AG for New Hampshire, said, "We feel that this Federal Law, if enacted, would remove state’s abilities to protect those consumers the way that we want to."
During the last legislative session, lawmakers overrode Governor John Lynch’s veto of a bill that raises the interest rate cap for Title Loans. Supporters say it increases consumer choice.
Opponents of payday and title loans argue that they trap people in a spiral of debt they can’t pay off.