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Removing the Target Protecting Military Service Members and Veterans from Financial Predators

1 Pages Posted: 4 Nov 2009  

Christopher Lewis Peterson

University of Utah - S.J. Quinney College of Law

Date Written: November 3, 2009

Abstract

The new legislation attempting to prevent predatory lending to military service members went into effect in October 2007. While the new rules are a step in the right direction, regulations adopted by the Pentagon do not apply the new usury limit to either banks in general or credit cards in particular. It is unclear whether the thousands of payday lender locations doing business near the gates of military bases will close up shop, offer loans within the legal limit, or search for loopholes in the new regulations that would allow business as usual. For those who hope for civilized limits on commerce with service members and veterans, it remains to be seen whether Congress has succeeded in removing the target from the backs of our nation's military community.

Suggested Citation

Peterson, Christopher Lewis, Removing the Target Protecting Military Service Members and Veterans from Financial Predators (November 3, 2009). Available at SSRN: https://ssrn.com/abstract=1499421 or http://dx.doi.org/10.2139/ssrn.1499421

Christopher Lewis Peterson (Contact Author)

University of Utah - S.J. Quinney College of Law ( email )

383 S. University Street
Salt Lake City, UT 84112-0730
United States
801-581-6655 (Phone)
801581-6897 (Fax)

HOME PAGE: http://www.law.utah.edu

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