Source: https://paydayloanindustryblog.com/tag/payday-loan-laws/
Timestamp: 2019-04-26 14:36:18+00:00

Document:
By Jer Trihouse. The battle between the CFPB and payday lenders is not yet decided. It appears the members of the U.S. House of Representatives understand how important access to credit is for consumers throughout America!
It’s refreshing to witness the heroic efforts by our representatives in the House against unelected CFPB bureaucrats and their draconian efforts to place credit restrictions on consumers for solving their daily financial challenges.
FISCA represents the thousands of small mom and pop payday loan operators offering short-term, small dollar loans to their clients.
Having actually visited payday loan stores in California, Nevada and Tennessee recently (unlike any CFPB employee), I can attest to the fact that consumers are scared. They are VERY worried that they will no longer have access to a $300 – $1000 payday loan from thier local loan center when facing a financial emergency.
WASHINGTON, July 8, 2016 /PRNewswire/ — Financial Service Centers of America (FiSCA), the national trade association representing 5,000-member financial service center locations around the U.S., issued the following statement today in response to the votes on H.R. 5485, the FY 2017 Financial Services and General Government Appropriations Act, and the Sewell-Waters Amendment #17: “We applaud the…Continue Reading..
New York, which prohibits any person or corporation not licensed by the state of New York from “directly or indirectly charg[ing], tak[ing] 16 Case 1:15-cv-05211-CM Document 6 Filed 07/31/15 Page 17 of 32 or receiv[ing] any interest … at a rate exceeding” annual interest of 16% on covered loans. N.Y. Gen. Oblig. Law§ 5-501; N.Y. Banking Law 14-a(1). Loans that exceed the rate are void. N.Y. Gen. Oblig. Law§ 5-511; see also Szerdahelyi v. Harris, 490 N.E.2d 517, 522-23 (N.Y. 1986) C'[A] usurious transaction is void ab initio … . “);and North Carolina, which imposes a tiered set of interest-rates limits with a maximum of 30% on loans below $15,000 and repayable between 12 and 96 months. N.C. Gen. Stat. § 53-176(a). Loans that violate this provision are void, and the lender has no right to collect, receive, or retain any principal or charges. N.C. Gen. Stat. § 53-166(d).
Colorado prohibits annual interest above 12% on unpaid balances for loans other than supervised loans. Colo. Rev. Stat. § 5-2-201(1). For supervised loans, Colorado prohibits a supervised lender from receiving a finance charge exceeding the equivalent of the greater of either of the following: (a) the total of 36% on unpaid balances of $1,000 or less, 21% on unpaid balances between $tooo.o1 and $3,000, and 15% on unpaid balances greater than $3,000, or (b) 21% per year on unpaid balances. Colo. Rev. Stat. § 5-2-201(2). Consumers are relieved of the obligation to pay any charge that exceeds these limits and are entitled to a refund from the lender or assignee for any excess amount that they paid. Colo. Rev. Stat. § 5-5-201(2).
Payday loan industry wins again! A binding arbitration provision that barred a Wisconsin consumer from pursuing a class-action lawsuit against a payday loan lender is enforceable. Read the article here: Cottonwood Financial Ltd. v. Estes That’s what the District III Wisconsin Court of Appeals concluded; Federal law preempts state law!

References: v. 
 § 53
 § 53
 § 5
 § 5
 § 5
 v.