Bonamici introduces bill to fight online payday lending

Portland Business Journal:

Oregon Congresswoman Suzanne Bonamici wants to protect borrowers from predatory online lenders.

On Friday, the Beaverton Democrat introduced the Stopping Abuse and Fraud in Electronic Lending Act.

The proposal, a House companion to a bill introduced by U.S. Sen. Jeff Merkley, would close loopholes that are exploited by online lenders. It would also enhance enforcement of usury laws that cap the interest rates charged to borrowers.

“Even in states with some of the strongest payday lending protections…

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