(Sacramento) – Like millions of Californians Michael fell into a cycle of debt from payday lending companies. In 2012, he took out 6 loans totaling $1,530 and has paid more than $6,000 in fees. “I’ve had nothing but negative experiences from payday loan companies,” says Michael. “Every month when I get my social security check deposited into my bank account, I call it a day from hell. That is when I withdraw the money and pay it to the payday loan companies.” Stories like Michael’s led Assemblymember Monique Limón (D-Santa Barbara) to introduce AB 3010, the California Deferred Deposit Transaction Law, to ensure Californian consumers have access to capital through payday lenders without falling into a cycle of debt. Learn more about Michael and Assemblymember Limón’s legislation in this Assembly Access video. [ Ссылка ]
