Beth believes that consumers should be protected from predatory practices – especially those that threaten retirees with misleading schemes. That’s why she partnered with AARP Vermont, the Shumlin administration and legislative leadership to support legislation to prohibit companies from targeting citizens’ pension income for cash advances. “To me it’s about doing the right things for our retirees and doing the right thing for the state of Vermont and I’m very proud that we were able to support this bill,” Beth explained moments before Governor Shumlin signed the bill into law.
The law developed by AARP Vermont and the House and Senate economic development committees creates a regulatory framework to prohibit pension lenders from making unfair loans. Organizations that make pension loans are thus be subject to the Fair Lending Act, which limits the charges and interest rates a loan-making entity may procure from an individual. As a result, pension lenders are now subject to regulation and enforcement actions by the State of Vermont.
AARP Vermont Director Greg Marchildon hailed the new law as “a great example of lawmakers, state government and advocates coming together to shut the door on a questionable practice before it becomes a real problem for our older residents.”
Click here to learn more about this first in the nation law and how it may improve the lives of consumers in other states.