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The Talent-Nelson amendment would protect solution users from predatory loan providers by capping interest levels.

The Talent-Nelson amendment would protect solution users from predatory loan providers by capping interest levels.

Protect All From Payday Advances. As part of the Defense Reauthorization Bill of 2007, Senators Jim Talent, R-Mo., and Bill Nelson, D-Fl, introduced a bipartisan amendment that caps interest levels for several loans to solution people and their dependents at 36 %. This amendment, which passed the Senate at the conclusion of June, tries to curb the training of payday lenders targeting personnel that are military.