In a bi-partisan effort, Congressman Glen Grothman of Glenbeulah has introduced the Veterans and Consumers Fair Credit Act.
According to a release from Grothman, “this bill will curb high-cost, predatory payday loans, auto-title loans and similar forms of toxic credit across America.”
In 2006, Congress passed the bipartisan Military Lending Act, that required the Department of Defense (DOD) to institute a 36 percent rate cap when active duty service members and their families take out predatory loans. This law was wildly successful, and the new version expands that rate cap to all citizens.
Grothman introduced the bill alongside Illinois Democrat Jesus “Chuy” Garcia.
