12/26/2023 0 Comments Actio networkThe Florida Legislature just passed an innovative auto insurance law that removes PIP Personal Injury Protection. Enact a national 36% interest rate cap covering all lenders, including banks, and allow states to set.Stop banks from helping high-cost nonbank lenders evade state law.Overturn recent FDIC and OCC rules that protect “rent-a-bank” schemes.To preserve Florida’s authority to stop predatory lending, we must: A second set of OCC and FDIC rules preempting state rate caps on assigned loans also help protect high-cost loans laundered through banks. But in 2020, the Office of the Comptroller of the Currency approved a “fake lender” rule that prevents courts from following the money to prevent usury law evasions. The legality of rent-a-bank schemes is questionable. Borrowers had no contact with the bankĪnd WBL in some cases signed the bank’s name using a power of attorney. Florida small businesses, including a realty company and a general contractor, have also been subject toħ3% to 100% APR rent-a-bank loans by World Business Lenders.Axcess Financial, which operates the Check 'n Go and Allied Cash Advance payday loan stores, uses CCīank to offer Xact installment loans of $1,000 to $5,000 at 145% APR to 225% APR.
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