WITHOUT REGULATION, “CONSUMER BEWARE”
Since he joined the Iowa Legislature in 1999.
“Regulations are essential. Customers anticipate regulators and their federal government will never allow that loan product to be accessible that didn’t involve some type of customer protection. Loans from banks have actually all types of defenses when it comes to customer. In pay day loans, it really is customer beware” he stated.
Bolkcom proposed a bill during the 2013 session that is legislative proposed capping the apr at 36 %, essentially expanding the limit set by the federal Military Lending Act of 2007, which developed a 36 percent cap for payday-style loans to active-duty army personnel and their dependents.