Are Direct Lender Payday Loans Banned in Your State?

JAN T8 14 $6.00000 SAATL IO18 DIGIT M- Are Payday Loans Banned In Your State? New York 1. Vermont Pennsyivania 2. Massachusetts 3. Connecticut 4. New Jersey 5. Maryland North Carolina 6. West Virginia Arizona Arkansas Georgia ARIZONA ARKANSAS CONNECTICUTT In 2008 the state of Arkansas effectively banned payday loans from being issued in the state. There are no more storefront payday loan operations in the state and installment Payday Loans were legal in Arizona up until June 2010. Since then, payday The state of Connecticut has effectively banned payday loans by capping the usury limit at 12%. No lender operating in the state can charge more than 12% loans with annual interest rates over 36% are banned in the state. loans are banned as well. GEORGIA MARYLAND MASSACHUSETTS The Georgia Industrial Loan Act of 1955 made payday loans illegal as it required licensing and strictly limited The Maryland Consumer Debt Collection Act has specified that it's illegal to collect on a debt that was made by an unlicensed entity. In 2013 the state of Massachusetts mandated that no payday loans could be issued or collected on if they were in violation of the state's usury limits. interest rates. This law has been enforced ever since then. NEW JERSEY NEW YORK NORTH CAROLINA In 1996 the state passed the Consumer Lending and Licensed Lenders Act. This act banned payday lenders in the In early 2013 the New York governor along with the New York Dept of Payday loans have been illegal in North Carolina for well over a decade. It was announced just recently that all retail locations had been completely shut Financial Services informed bill collectors that is was illegal to attempt to collect on any payday loan debt in New York. state. down as well. PENNSYLVANIA VERMONT WEST VIRGINIA It is illegal to get a payday loan in the state of West Virginia. The state enforces a small loan cap of 31% on loans of no more than $2,000. The state of Pennsylvania may have the strongest payday loan laws in the country. The state supreme court just recently ruled the state's ban on payday loans applies to loans made Payday loans have been illegal in Vermont for years. By keeping usury laws very low the state has effectively banned any payday loan lenders from operating in the state. over the internet.