Pay Day Loan Consumer Protection Act Wins Initial Approval of Washington, D.C. City Council

The Muslim American Society (MAS) Freedom Foundation was informed on July 11th that a majority of the Washington, D.C. City Council approved the first reading of Bill B17-132, the Pay Day Loan Consumer Protection Act. This act proposes regulation of the "pay day loan" industry In Washington, D.C. by imposing severe restrictions on the annual interest rates charged by these loans, which can exceed 700 per cent each year.



If given final city council approval in September, the proposed legislation will become law in the District of Columbia.



MAS salutes the work of our friend, Reverend Graylan Scott Hagler, and a coalition of interfaith leaders who are committed to economic justice for poor and working people in the District of Columbia and throughout the United States.



MAS Freedom will continue to voice our demand for the end of this form of predatory lending. We will keep you informed on the progress of the legislation.