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Jane T (LLC)
Jane T (LLC), Lawyer
Category: Consumer Protection Law
Satisfied Customers: 8435
Experience:  Work and studies in privacy, lending, credit, and general consumer issues
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How does one citizen change a law I want to gather signatures to get a law changed.

Resolved Question:

I want to gather signatures to change Washington State's usury laws to include credit cards and pay-day lenders. I know a lot of people whose lives are ruined, my included, by these lenders. It is a type of slavery, please help.
Submitted: 9 years ago.
Category: Consumer Protection Law
Expert:  Jane T (LLC) replied 9 years ago.



Normally, Pay-day lenders are regulated by state laws and normally must be licensed by state laws. Therefore, the laws that affect what interest rates they can charge, even if not covered in a state's normaly "usury" statutes may be inclued in another section of the statutes or laws of the state, partcularly those that cover the pay-day lender industry. To find out if those laws exist you can check the WA State Dept. of Financial Institutions here. If, in fact, there are no laws controlling the interest rates the industry can charge, then the state legislature should be contacted (here) to find out how new laws you would like your state to pass can be proposed and passed.


As regards XXXXX XXXXX however, it must first be understood that cc interest rates are NOT normally a state law issue, but a federal law issue. Most credit cards are issued by national banks and, under the United States Banking Act credit cards can use the interest rate NOT of the state where the consumer lives, but the interest rate in the state where the cc company is located (and they normally locate in states where there are no usury rates for cc) and, because national banks are national and controlled by federal law, they can then export that "law" to all other states under the federal law. To change that system a person would have to contact their federal legislator, senator or congressman, to discuss how they can affect or change that practice. You can contact your U.S. Congresss to find out how to get them to pass or propose a law to alter that here and here.

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