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Committee backs consumer-lending reform, adds language encouraging alternatives and 36% cap support
Summary
The committee unanimously approved an amended resolution urging stronger predatory-lending protections and endorsing a 36% annual interest-rate cap while encouraging banks and credit unions to provide affordable alternatives.
Supervisor Decker introduced a resolution prompted by a local speaker that highlighted predatory lenders and statutory loopholes. The sponsor and supporters noted single-loan interest rates as high as several hundred percent and pushed for statutory reform aligned with a 36% cap used elsewhere.
An amendment was added encouraging banks and credit unions to offer responsible alternatives and to support strong, enforceable consumer protections. Members described the current loans as "loan sharking made legal" and emphasized the harm of compounded, high-cost loans that trap borrowers. The committee approved the amended resolution unanimously and will forward it to the county board for public support of legislative changes.
