Gov. Shumlin Signs Bill to Keep Predatory Lenders From Your Money

By Joe Gullo

Published 04/22 2014 05:10PM

Updated 04/22 2014 06:21PM

MONTPELIER, Vt. - Governor Peter Shumlin signed a bill to keep predatory lenders from your hard-earned pension.

The bill is the first of it's kind to pass a state legislature in the nation. It'll mainly help older Vermonters ages 55 and up.

It would prevent companies offering cash advances in exchange for all or part of your pension. Those people must be licensed with the state and subject to Vermont's consumer protection laws.

Governor Shumlin says this is a growing problem not only in Vermont, but across the country.

"Products are being offered that don't have regulations, that charge very high interest rates, or repayment terms that are extoardinarily unfair, that find clever ways to take retired people retirement that are required to live a successful life," Shumlin said.  

Governor shumlin doesn't think the predatory companies will comply, meaning they won't be able to do business in Vermont.

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