NJ Bill calls payday loans a consumer fraud

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By Linda Chiem (Jan.31, 2013, 4:34 p.m. EST) – New Jersey MP Celeste M. Riley on Monday introduced a law prohibiting anyone from engaging in any activity of making deferred deposits or loans payday in New Jersey. residents, an attempt to strengthen the state’s current ban on payday loans.

Riley, D-Cumberland-Gloucester-Salem, told Law360 on Thursday that House Bill A3719 would target out-of-state deferred deposit lenders who aggressively market their payday loan or cash advance services. funds to residents of New Jersey. These loans are already illegal under state laws governing check cashing.

“It’s illegal in New Jersey to have a payday loan, but we can’t stop [is]…

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