The National Association of Consumer Agency Administrators (NACAA) recently awarded University of Florida law professor Christopher L. Peterson its “Consumer Advocate of the Year” award for 2007 for his research on predatory lending and his advocacy for legislation adopted last year by Congress that caps the interest rate lenders may charge military personnel.
Peterson, an associate professor at UF’s Levin College of Law, co-authored a study last year with Steven M. Graves — an assistant professor of geography at California State University — which helped spur Congress to pass legislation protecting military families from predatory lenders who charge interest rates that can reach well into the triple digits. The study surveyed more than 13,000 zip codes and found that payday loan companies clustered in areas near military bases. The findings were cited in a report by the Pentagon, and Peterson testified before the Senate Banking, Housing and Urban Affairs Committee.
Just 15 days after Peterson’s testimony, Congress agreed to legislation prohibiting lenders from imposing an interest rate of more than 36 percent on loans to members of the armed forces or their dependents. Peterson called it “probably the most consumer-friendly legislation Congress has passed in a generation.”
NACAA Executive Director Elizabeth Owen said the award is not presented annually and is only given when the nominating committee recognizes a truly outstanding person who has distinguished himself in the field of consumer protection.