AUGUSTA — A bill that seeks to crack down on predatory lending has been sent to Republican Gov. Paul LePage for his approval.
The Democratic-controlled House and Senate gave final approval to the bill this week that aims to protect Mainers from unlicensed online lenders who offer illegitimate short-term loans that can drain consumers’ bank accounts with high interest rates and fees.
The measure bans the processing of electronic transfers used by unlicensed lenders to access consumers’ bank accounts.
Rep. Christine Powers, a Democrat from Naples who is sponsoring the bill, says that the state receives complaints about the scams nearly every day. She says it’s “an opportunity to stand up to those who try to take advantage of Maine people.”