Court Overturns State Law Protecting Borrowers From High Interest Loans

Court Overturns State Law Protecting Borrowers From High Interest Loans

by Barbara Jones, Sr. Attorney, AARP Foundation Litigation/p>

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A appeals that are federal hit straight straight down an Indiana consumer-protection legislation that desired to modify out-of-state loans geared towards Indiana residents. The language associated with viewpoint ended up being grounded on U.S. constitutional maxims, that makes it an opinion that is problematic may bolster challenges to comparable customer security laws and regulations in other states.

AARP Indiana worked using the Indiana Department of Financial Institutions (DFI) supporting passage through of 2007 legislation that mandates that out-of-state lenders who get Indiana borrowers adhere to Indiana legislation.Continue reading