DMV puts payday lenders to shame with predatory late fees

Californians struggling to scrape by know all too well the challenge of deciding which bills to pay now and which will have to be paid later. Unexpected problems like an illness causing them to miss work can mean falling even further behind.

Progressive policymakers have put limits on many types of interest and late charges, but no comparable limits exist when it comes to vehicle registration fees. Paying vehicle registration fees more than 30-days late currently hits motorists with a 60 percent late fee, far in excess of the 5 percent allowed on late rent or the 3 percent monthly APR allowed on car loans, pawn shop loans, and payday loans.

Click here to read the article at the Institute for Gas Price Reduction.