States Test Loan Rate Caps

Online Lenders Spooked by CO's Tough Stance on Interest Rates
– American Banker

American Banker quoted Manatt’s Brian Korn, chair of the firm’s digital finance and marketplace lending practice, in an article about interest rate caps in the marketplace lending industry.

In Colorado, the state has taken aggressive steps to enforce its 12% rate cap for consumer loans, the publication reports, where the state is taking on Chicago-based Avant and Delaware-based Marlette Funding over interest rates.

“I think that different states are going to try to test this doctrine more and more,” said Korn.

Read the article here