Bill would cap payday loan interest for jobless

“Assemblywoman Nancy Skinner (D-Berkeley) introduced a bill that would cap interest rates for loans to the jobless at a percentage so low it would all but eliminate payday loans.”

I know unemployment is at a very high level,  but do we need a law for every little thing?  My big question, would this include borrowers who do not receive a W2 and are on social security benefits?

This is a California bill.  You can read the article in the LA Times.

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