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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
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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.
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