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AG News Release: Hawaii Attorney General Urges Congress to Rescind a Proposal Allowing Predatory Lenders to Take Advantage of Consumers
Posted on Apr 22, 2021 in Latest News, Newsroom
HONOLULU
– Hawaii Attorney General Clare E. Connors joined a bipartisan coalition of 25 attorneys general led by Illinois Attorney General Kwame Raoul in urging Congress to use the Congressional Review Act to rescind the Office of the Comptroller of the Currency’s (OCC) True Lender Rule. The rule would sanction high-cost lending schemes that are devised to evade state usury laws. Such laws, or caps, prevent predatory lenders from taking advantage of consumers by limiting interest rates that can be charged on loans.