WITHOUT REGULATION, “CONSUMER BEWARE”
Since he joined the Iowa Legislature in 1999.
“Regulations are essential. Customers anticipate regulators and their federal federal government will never enable a loan item to be accessible that didn’t possess some type or types of customer security. Loans have all types of defenses for the customer. In pay day loans, it really is customer beware” he said.
Bolkcom proposed a bill throughout the 2013 session that is legislative proposed capping the apr at 36 %, basically expanding the limit set by the federal Military Lending Act of 2007, which developed a 36 per cent limit for payday-style loans to active-duty army workers and their dependents.
The bill made it through the Ways and Means Committee, which Bolkcom chairs during the 2013 session. Since the bill passed the committee it might have been raised for debate throughout the 2014 session, however it didn’t make the cut.
“The senate frontrunner will simply bring things up through the House, ” Bolkcom said if he thinks there are the votes to get it.
Iowa Home Majority Leader Linda Upmeyer, Clear Lake