Jackson Cosponsored Bill Easing Maine's 30% Small-Loan Rate Cap

Democratic U.S. Senate candidate Troy Jackson cosponsored a 2022 bill that would have let out-of-state online lenders charge Maine borrowers rates above the state's cap, the Washington Free Beacon reported on October 13, 2026.

The measure, introduced in February 2022 by Jackson and five other Democrats, would have repealed parts of a 2021 law requiring online lenders outside Maine to observe the state's 30% interest rate ceiling on loans of $2,000 or less. The Maine Credit Union League objected to the bill's title and said it would allow "out-of-state rates and rent-a-bank schemes," according to the report.

Chicago-based online lender OppFi, which makes small-dollar loans averaging 150% interest, hired the Resurgam Group to lobby for the bill, the outlet reported. The firm was founded by B.J. McCollister, a former Jackson chief of staff, who hired Jackson's son Chace Jackson as a partner in 2022. In November 2021, OppFi settled a District of Columbia consumer protection lawsuit for a $250,000 fine and refunds to more than 4,000 consumers.

Jackson's campaign said his son was not registered to lobby on the bill while Jackson was a cosponsor and that the bill did not pass. OppFi said it operates "under the highest ethical and legal standards."

This story was first reported by freebeacon.com.