NJ Bill Classifies Payday Loans As Consumer Fraud

Law360, New York (January 31, 2013, 4:34 PM EST) -- New Jersey Assemblywoman Celeste M. Riley introduced legislation Monday making it illegal for anyone to engage in the business of making deferred deposit or so-called payday loans to New Jersey residents, an attempt to strengthen the state's current payday loan ban.

Riley, D-Cumberland-Gloucester-Salem, told Law360 on Thursday that Assembly Bill A3719 would target out-of-state deferred deposit lenders who aggressively market their payday loan or cash advance services to New Jersey residents. Such loans are already illegal under state laws governing the cashing of checks.

“It is illegal in New Jersey to have a payday loan, but what we can’t stop [is]...

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