LITTLE ROCK (Arkansas News Bureau) -- Legislation pending in Congress would allow payday lenders to return to Arkansas offering triple-digit loans under federal authority, Attorney General Dustin McDaniel said Friday.
McDaniel joined 39 other state attorneys general in opposition to H.R. 6139, known as the Consumer Credit Access, Innovation and Modernization Act. He said the bill would clear the way for payday lenders to sidestep state regulation and would strip away the state's ability to protect Arkansas consumers from predatory lending practices.
The attorneys general warned about the effects of H.R. 6139 in a letter to House Speaker John Boehner, House Majority Leader Nancy Pelosi, Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell.
The bill is pending before a House subcommittee.
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