Wednesday, July 22, 2015

Will AZ Attorney General Support Efforts to Protect Service Members from Predatory Lending?

Yesterday, the president announced expanded protections against predatory lending for members of the military. Rep. McCune Davis called on Arizona Attorney General Mark Brnovich to support a bill earlier this year that would have allowed for better enforcement of similar protections for military families. 

The Federal Military Lending Act protects military families by setting a cap on lending at 36%, with any transaction above that amount considered predatory. The Federal Act anticipates local enforcement of the act. Arizona has never put the enforcement language in the law and that needed to change quickly with HB 2258, auto title loans; military members.  The bill was held in committee during the legislative session and never received a full vote. Rep. McCune Davis is still waiting for the attorney general to reply to this request and he has not given her any indication that he will support similar legislation in the future.