Your Dec. 19 editorial on payday loans was on the money. Congress is now acting to limit payday loans to military personnel to a maximum of 36% annually.
Why should this rapacious business be permitted at all? Fifteen states make such loans illegal (some in the industry try to evade such laws by trolling for clients online).
In Canada last August, a British Columbia judge found against a payday lender in a class action -- ruling that 21% interest plus multiple "fees" resulted in a violation of the federal criminal statute outlawing interest of more than 60% annually.
California should act promptly to ban or severely restrict this predatory practice.
Never miss a local story.
Michael T. Hertz