LA County Information

County of Los Angeles
Department of Consumer Affairs
New Consumer Laws 2008

DCA
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CREDIT: INTEREST LIMITED ON PAYDAY LOANS
FOR SOLDIERS

Financial Code Sections 1241, 14960, 22345, 23038; Military & Veterans Code Section 394

Federal limits the interest on short term loans to soldiers and their families. Although the states are specifically allowed to enforce these federal law provisions, California has now made violations of these federal laws a state offense.

This new law caps the annual interest rate on short term loans to soldiers and their families at 36%. This cap applies to payday loans, vehicle title loans, and refund anticipation loans.

May be reprinted for non-commercial use if a credit line is included acknowledging the County of Los Angeles Department of Consumer Affairs.

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For more information:
County of Los Angeles Department of Consumer Affairs
B-96 Kenneth Hahn Hall of Administration
500 W. Temple Street * Los Angeles, CA 90012-2706
Telephone (800) 593-8222 (within the County) * (213) 974-1452
web site: dca.lacounty.gov