Payday Loans Laws - Know Your Rights
Payday Lending Laws Due to recent financial reform laws, payday lending laws have undergone a bit of a facelift lately. While lending businesses are mandated on a state level, the growing movement to crack down on predatory lending practices has affected the industry as a whole. Payday loans are currently legal, although regulated in a total of thirty-five states. The remaining fifteen states do not allow payday loans under their current laws and statutes. The fifteen states that have banned the practice include: Arizona, Arkansas, Connecticut, Georgia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Vermont, and West Virginia. The states that allow this form of lending do impose certain usury limits, as well as place caps on annual percentage rates (APR). Due to the recent economic problems, some states are now placing limits on the number of loans (of any types) that a borrower can obtain at any one...