MONTPELIER, Vt. (AP) - Vermont Attorney General William Sorrell is claiming some credit for the decision announced by tech giant Google to stop selling ads to high-interest ’payday’ lenders. Sorrell says Vermont began working with Google on the issue two years ago.
Sorrell, a Democrat who is not seeking re-election, says Vermont has identified for Google hundreds of the high-interest lenders, some of them with interest rates as high as 300 percent.
Last week, Google announced a ban on ads from lenders charging more than 36 percent annual interest or requiring repayment of the loan in full within 60 days.
Sorrell says the Google ban will protect consumers from being targeted by sellers of a harmful financial product.
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