Governor Signs Bill Preventing Predatory Pension Lending

August 9, 2013  
Filed under News

Governor Peter Shumlin recently signed a bill into law that effectively prevents predatory online lending institutions from preying upon older Vermonters. The legislation, drafted by AARP Vermont and others, impacts companies offering cash advances to pensioners in exchange for part or all of their pension payments – often at very high interest rates. The new law requires these companies to register with the state and comply with strict regulations. Regulators are confident that these companies will not comply and therefore will effectively be unable to operate in Vermont.


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