National Consumer Law experts collaborate to propose federal legislation reforming the financial industry.
Loyola Rule of Law Institute Founding Executive Director Paul Kantwill (BA CAS, JD Loyola School of Law) and Professor Christopher L. Peterson of the S.J. Quinney School of Law at the University of Utah, authored “American Usury Law and the Military Lending Act (Loyola Consumer Law Review (Vol 31, Issue 3, 2019), which examines the history of American Usury Law and sets forth a proposal that Congress and states should more tightly regulate consumer lending. Specifically, Kantwill and Peterson recommend the application of military consumer credit protections to all consumers. Their recommendation has been adopted by both the United States Senate and the U.S. House of Representatives.
Veterans and Consumers Fair Credit legislation flows from scholarship produced by ROLI Leadership.
Loyola Rule of Law Institute Founding Executive Director Paul Kantwill (BA CAS, JD Loyola School of Law) and Professor Christopher L. Peterson of the S.J. Quinney School of Law at the University of Utah, authored “American Usury Law and the Military Lending Act (Loyola Consumer Law Review (Vol 31, Issue 3, 2019), which examines the history of American Usury Law and sets forth a proposal that Congress and states should more tightly regulate consumer lending. Specifically, Kantwill and Peterson recommend the application of military consumer credit protections to all consumers. The legislation amends the Truth in Lending Act to extend the consumer credit protections provided to members of the Armed Forces and their dependents under title 10, United States Code, to all consumers. The legislation was introduced by Senator Jack Reed (D-RI), was co-sponsored Mr. Reed Senators Merkley, Sherrod Brown, Van Hollen, Smith, Booker, Blumenthal, Schatz, Feinstein, Warnock, Leahy, and Wyden. The Bill is pending in the Senate Committee on Banking, Housing, and Urban Affairs.
Bi-partisan bill establishing a national interest rate cap for most consumer financial products and services based on on scholarship produced by ROLI Leadership.
The United States House of Representatives has introduced a bi-partisan bill establishing a national interest rate cap for most consumer financial products and services. Based upon scholarship produced by Loyola Rule of Law Institute Founding Executive Director Paul Kantwill (BA CAS, JD Loyola School of Law) and Professor Christopher L. Peterson of the S.J. Quinney School of Law at the University of Utah, Congressman Jesús “Chuy” García (D, IL-04), a member of the Financial Services Committee, and Congressman Glenn Grothman (R, WI-06) introduced the Veterans and Consumers Fair Credit Act, to extend small dollar “payday” and car-title 36% rate cap protections established under the Military Lending Act (MLA) to all consumers, including veterans and their families. This bill will better protect consumers, particularly military personnel, from certain predatory lending practices. Read More
