The bill, Ocasio-Cortez’s first major legislative effort, would effortlessly put the payday-lending industry away from company.
Alexandria Ocasio-Cortez will announce her very first major bill today, together with Vermont Sen. and presidential candidate Bernie Sanders. It’s one thing Sanders has proposed for quite some time: a 15 % rate of interest limit on all customer loans, which will reduce just what many Us americans spend on the credit cards and effortlessly get rid of the loan industry that is payday.
The balance is named the mortgage Shark Prevention Act, also it’s only two pages very long. It provides language that will avoid loan providers payday loans online North Carolina direct lenders from including costs to “evade” the attention price limit and sets charges for violators, including a forfeiture of all of the interest in the unlawful loans. Continue reading “Alexandria Ocasio-Cortez and Bernie Sanders Form Teams on Bank Legislation”