COLUMBUS, GA (CBS46) –
By Jeff Chirico
The problem of predatory lending has prompted the Department of Defense to propose new rules that would, among other things, cap the interest lenders can charge military personnel and their families.
It’s a proposal that has the support of many consumer advocates.
“We certainly hope the Department of Defense will act quickly to enact these strong rules. We want to make sure there are no loopholes in the military lending act so our service members and their dependents are truly protected from the types of bad actors that are out there,” said Liz Coyle, executive director of Georgia Watch.
But what the rules mean for the business landscape of Victory Drive remains to be seen. Coyle pointed out that predatory lenders found loopholes in the Military Lending Act when it was implemented in 2007 and wants to be sure the new provisions are airtight this time.
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