Stanford bill to crack down on predatory loans signed into law

by sdcadminMar 25 20240 Comments

OLYMPIA – Unscrupulous lenders who are partnering with out-of-state banks to evade Washington’s limits on interest rates will have to cease their predatory practices or face sanctions, under legislation signed into law today. SB 6025, sponsored by Sen. Derek Stanford (D-Bothell), makes any attempt to evade the provisions of Washington’s Consumer Loan Act a violation of the act. “Our state’s Consumer Loan Act does a good job of protecting consumers and laying out clear standards for lenders and borrowers,” said Stanford. “But some companies are partnering with out-of-state banks and using structures that allow them to slip through a loophole and charge higher interest rates. This bill makes sure regulators can stop that and protect consumers in Washington from these predatory ...

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