* Child Labor
* Bank privacy
* Credit cards
* Rent to own
* Truth in Lending Act
* Pay-day lenders
New Jersey Issues
* Civil usury law needed
* Rent to own
* Child Labor laws
* Rent to own Hotline: US House subcommittee
votes to legalize unlimited interest for rent to own, prohibit
disclosure of the Annual Percentage Rate!
* Federal Reserve threatened your bank
* Bankruptcy "reform" punishes
the middle class,
* Low cost credit cards-National List
* Preserve the Truth in Lending Act
* National rent to own bills
* Pay-day lenders who charge loanshark
New Jersey Issues
* Civil usury law is the cornerstone of consumer
credit in N.J., Usury laws protects state against "pay day"
lenders and "car title pawns,"
* Rent to own bills would legalize interest
over 100% APR for poor and urban consumers: what is A.G. John
* CLNJ Supports A1711 to bolster enforcement
of Child Labor laws in NJ
Consumers League supports international efforts to end child
labor, which exploits the world's chilren with low wages, unhealthy
and dangerous conditions, and robs them of education. Children
should not be working full time- they should be in school, and
their parents should be earning wages sufficient to support a
decent standard of living (not just the local minimum wage).
The National Consumers
League backs a coalition of groups working on child labor.
A Canadian youth has started Free
the Children, an inspiritional campaign for children by
children, which fights child labor and other serious problems
(see N.Y. Times, 4/17/99 pB1). In New Jersey, CLNJ
backs a bill to increase state spending to investigate child
labor here at home.
to Own bills
Consumers League opposes HR1701
and any industry-written bills in Congress which would legalize
rent to own sales with minimal disclosures to consumers. CLNJ
believes that disclosure of the Annual Percentage Rate ought
to be required by Congress, so consumers know how badly
they are being taken. No one can be said to "agree"
to a contract, when one side has hidden the most important term,
the Annual Percentage Rate. The Federal Reserve Board had no
business in attempting to exempt RTO from Truth in Lending disclosure.
The maximum interest rate should also be regulated, because the
usury laws are the first consumer protection laws. The cash price
should be the fair market value of the goods. Government has
an obligation to protect its people. Click
here for an extended discussion of rent to own, and our rent
to own educational campaign.
"Pay day" lenders charge loanshark
Pay day lenders, the scourge of states like Tennessee and Florida,
want to invade your state too. The lenders make small loans,
secured by a post-dated check, due on your pay day, for small
amounts with large fees. A loan of $100 for two weeks, with $15
interest, is really an Annual Percentage Rate of 390%! (7.5%
per week times 52 weeks = 390%). Such loans should not be allowed
in a civilized society. So far, New Jersey has resisted this
scourge, because New Jersey has a civil usury law (with a 16%
limit) and a criminal usury law (30% maximum for licensed lenders).
Please see CLNJ's testimony on a N.J. bill
A.2355 which would weaken this protection.
The Consumer Federation of America has a fine
nationwide study of the outrageous interest charged by pay day
lenders Please note that the otherwise excellent CFA study
overlooked that New Jersey has usury laws which make pay day
loans illegal here (if they charge more than 16% interest).
Click here for a list of background
articles and testimony about pay day lending from major consumer
Federal Reserve Board proposes weakening
Truth in Lending, affecting all consumers
The Federal Reserve Board, charged with protecting all consumers
in every type of consumer loan, has floated some bad proposals
to water down the Truth in Lending disclosures you get when you
mortgage your home, inter alia. The
National Consumer Law Center has an excellent commentary on this
proposal at the NCLC website.