News & Events

For media inquiries and other press-related questions, please contact the NAAG Press Center at (202) 326-6027 or rstone@naag.org.

Press Room

For Immediate Release: October 05, 2012

Attorneys General Oppose Federal Bill to Limit State Regulation of Payday Lending

H.R. 6139 Prohibits Enforcement of State Laws

Washington, DC---The National Association of Attorneys General (NAAG) notified congressional leaders in a letter sent today that it opposes H.R. 6139, a payday lending preemption bill known as the “Consumer Credit Access, Innovation, and Modernization Act.”

The legislation preempts state licensing laws for nonbank financial services providers, including payday lenders, installment lenders, car-title lenders, prepaid-card issuers, check cashers and others.

“In our view, the bill would eliminate crucial consumer protections in many states and curtail our authority to enforce state laws governing the conduct of financial services companies operating within our borders,” the letter signed by 41 attorneys general reads.

State attorneys general have a long history of acting both independently and, when appropriate, cooperatively to protect consumers in states against deceptive, abusive, or predatory lending practices. The attorneys general want to preserve states’ authority to regulate nonbank lenders and protect consumers from abuses in the high-cost, short-term loan marketplace.

To read the NAAG letter, go to: http://www.naag.org/sign-on_archive.php

# # #

The National Association of Attorneys General (NAAG), www.naag.org, was founded in 1907 to help Attorneys General fulfill the responsibilities of their office and to assist in the delivery of high quality legal services to the states and territorial jurisdictions.

red logo

SAVE THE DATE

Deposition Skills

January 8 - 9, 2015
Tampa, FL
Contact: Bill Malloy

Voir Dire

January 14 - 16, 2015
New York, NY
Contact: Francesca Liquori

Human Trafficking for State Prosecutors: Bismark, ND

January 20 - 21, 2015
Bismark, ND
Contact: Judy McKee

Legal Writing for OAG-CA

January 21, 2015
Los Angeles, CA
Contact: Bill Malloy

Trial Advocacy Training for OAG-AS

January 26 - 29, 2015
Pago Pago, Am. Samoa
Contact: Bill Malloy

Human Trafficking for State Prosecutors: Pago Pago, Am. Samoa

January 29 - 30, 2015
Pago Pago, Am. Samoa
Contact: Judy McKee