Changes In Laws Coming For Bad Credit Loans
The fact is that no credit and bad credit quick online loan sites have seen their business expand at an incredible rate over just the past decade. Simply put, more people are using them, and their numbers just keep on growing. So what started out occupying a relatively small market share has grown to what it is today. A major online money lending recourse.
So now lawmakers in the great state of Texas are trying to play a game of legal catch up by introducing new pieces of legislation to further govern the industry. At least in that state which happens to be the one state in the US with the largest number of people who borrow money from these sites. Even so, it's a trend that's expected to spread.
This is because as far as the finance industry and the regulations that govern it are concerned, the state of Texas has a long tradition of being the trend setter for the nation. However, be aware that as of 4-2011 the new laws still haven't passed and been made into law although they are expected to within the year of 2011, and they will be retroactive.
The first law proposed deals with the amount of money that can be lent and it was brought about by people simply borrowing too much. What this new law will do when it's finally in place, is limit the amount that any person can borrow to some 35% of their gross monthly income. What this means, is for you to borrow the maximum $1500, you must be earning some $4500 per month.
One more of these new regulations that have been put in place, deals with loan fees. What this new law states, is that the loan fees that you incur at the outset cannot exceed an amount that is 15% of the loan. Now this doesn't address the interest rate you will pay and also keep in mind that these are the initial loan fees, not late payment fees, and penalties.
Yet another part of this new bill bans lenders from using threats of a criminal action to collect on delinquent loans. It's important to understand though that all the lending laws still remain in place, so you can still be prosecuted for crimes like loan fraud. What this bill does however, is make it a crime for a lender to "threaten you" with prosecution.
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Comments on Changes In Laws Coming For Bad Credit Loans
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