We desire legislation that will put a strict cap to the amount that may be charged by a payday loan lender, bank, credit union, or other financial institution in regards to short term loans and/or automatic "courtesy pay" by banks and credit unions due to small overdrafts of an account.
We submit that it is unethical, and need to be legislated to be illegal, to charge any combination of fees or interest that would equate to greater than the annual amortized interest on a loan for the given amount of direct "overdraft" or actual loan principle if the loan where issues at 25 percent APR. Furthermore we petition that interest rate caps be set on both standard and penalty interest rates for all consumer loans at no greater that 29.99 percent.