New state legislation limits payday, other “Debt Trap” loans. Nixon: Payday Lenders Are Circumventing Law

New state legislation limits payday, other “Debt Trap” loans. Nixon: Payday Lenders Are Circumventing Law Marketing Graphic of the lending agreement that is predatory. Due to California Ebony Media On Oct. 10, Gov. Gavin Newsom finalized Assembly Bill 539. The legislation sets limitations on predatory financing methods in Ca he claims “creates debt traps for families already struggling economically.” Experts …