Attorney General Pam Bondi News Release
June 24, 2013
Contact: Whitney Ray
Phone: (850) 245-0150
Attorney General Pam Bondi Urges the Department of Defense to Enhance Predatory Lending Rules to Better Protect Military Members
TALLAHASSEE, Fla.— Attorney General Pam Bondi today joined 12 other attorneys general in urging the Department of Defense to better protect military members from predatory lending. Military members are often targeted by predatory lenders who provide triple-digit annual percentage rates and high fees. In a letter to the Secretary of Defense, the attorneys general ask that the department add rules under the Military Lending Act that ensure that payday and car title loans given to service members are subject to the MLA’s 36-percent cap and other protections and that the rules should apply uniformly to the full range of consumer credit loans that present dangers similar to those already covered, including rent-to-own transactions and overdraft loans.
“We must enhance the federal rules that protect military members from predatory lending, which leaves our service men and women paying extraordinarily high interest rates and fees on loans. Our service members sacrifice so much for our country, and, in turn, we need to ensure that strong consumer protection laws are in place to protect them. Just this legislative session, I worked with the Legislature to strengthen laws to protect service members from unfair and deceptive practices targeted specifically toward them here in Florida.”
Follow this link to view a copy of the letter: http://myfloridalegal.com/webfiles.nsf/WF/MMFD-98YN29/$file/Openletter624.pdf