Bentley Forms Task Force Focused on Predatory Lending

Alabama Gov. Robert Bentley is creating a task force responsible for identifying potential legislation that could help protect consumers from predatory lending.

Bentley said in a statement Tuesday that he signed an executive order creating the Alabama Consumer Protection Task Force.

The governor says predatory lending is one of the biggest problems Alabama consumers face during financial emergencies.

The formation of the task force comes after the Consumer Financial Protection Bureau proposed regulations requiring that lenders prove borrowers are capable of repaying loans and more. The state also launched a database in August 2015 to improve enforcement of a law prohibiting borrowers from taking out more than $500 in short-term loans at once.

Bentley says the task force will include 33 experts from several state and national stakeholder groups.

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