Court Overturns State Law Protecting Borrowers From High Interest Loans

Court Overturns State Law Protecting Borrowers From High Interest Loans

by Barbara Jones, Sr. Attorney, AARP Foundation Litigation/p>

Associated

A appeals that are federal hit straight down an Indiana consumer-protection legislation that desired to modify out-of-state loans directed at Indiana residents. The language regarding the viewpoint was grounded on U.S. constitutional maxims, that makes it a problematic opinion that may bolster challenges to comparable customer protection guidelines various other states.

AARP Indiana worked using the Indiana Department of Financial Institutions (DFI) supporting passing of 2007 legislation that mandates that out-of-state lenders who obtain Indiana borrowers adhere to Indiana legislation.