New laws to go into effect September 2019
Lawmakers have created new regulations to help prevent the predatory lending tactics some business have used to manipulate consumers in the past. Previously, there was no interest cap on loans over $2,500. With the Fair Access to Credit Act, APR is now capped at 36%.
Under the new law, lenders are also required to report borrowers payments to at least one credit reporting agency and offer access to a credit education course.