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Statement from Online Lenders Alliance on California Governor Newsom’s Signing of Installment Loan Interest Rate Cap Bill
Following the signing into law yesterday of AB539, legislation that limits the interest rates on installment loans in the state of California, the Online Lenders Alliance issued the following statement: “With the stroke of a pen, California has created uncertainty and hardships for those in the state who need credit access the most, who are […]
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Statement from Online Lenders Alliance CEO on California General Assembly Passage of AB 539
Following the passage of AB 539 by the California General Assembly on Friday night, the Online Lenders Alliance issued the following statement: “Today, the California General Assembly finalized a rate cap that will deny credit access to millions of Californians looking for loans above $2500 and that will increase hardships for consumers facing unexpected emergencies […]
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Statement from OLA on California Senate Banking Committee Approval of AB539
The Senate Banking Committee’s approval of AB539 has made this a sad day for California borrowers. Many members of the committee acknowledged that rate caps will lead to great uncertainty and looming hardships for millions of borrowers if enacted. None of them were able to offer realistic solutions for how these non-prime borrowers would access […]
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