For Immediate Release

November 18, 2021

Contact: Natalie James, (317) 222-1221 ext.406, njames@prosperityindiana.org

Bipartisan legislation would expand Military Lending Act protections on payday and car title loans to all veterans and consumers

INDIANAPOLIS, IN – Hoosiers for Responsible Lending applauds the introduction of the Veterans and Consumers Fair Credit Act of 2021 in the U.S. House of Representatives. This legislation would extend the 36 percent APR interest rate cap on payday and car title loans in the Military Lending Act (MLA) to cover all citizens.

The bipartisan House bill was introduced on November 17 and would achieve a major policy goal of Hoosiers for Responsible Lending. Among those who introduced the bill, Representative André Carson is an original sponsor for the Veterans and Consumers Fair Credit Act.

“We thank Congressman Carson for supporting this bipartisan legislation that takes an important step toward eliminating predatory lending in Indiana and across the country,” said Andy Nielsen, Senior Policy Analyst with the Indiana Institute for Working Families and HRL member. “High-cost lending in our state traps Hoosiers in a cycle of debt that many struggle to leave, jeopardizing the economic security of individuals and families and the health of our communities. Congress already recognized the need to enact strong interest rate caps that protect our active duty military, and this protection must be extended to all consumers.”

View the entire press release here.