Payday Pundit

In New Hampshire’s 2006 election, Democrats were handed control of all branches of state government–for the first time since 1874.

Andrew Cline, editorial page editor of the New Hampshire Union Leader, writes about the consequenses of Democratic control in a column for National Review.

Now they are paying the price — literally. The orgy of taxing, spending, and regulating in which Democrats have indulged is threatening New Hampshire’s status as the New England state most hospitable to business and individual liberty.

Specifically about legislation to ban payday lending in New  Hampshire:

Democratic legislators’ attempts to kill another industry were more successful: They passed a bill that will effectively kick payday lenders out of the state next year. The payday-lending industry had boomed in New Hampshire in the past few years, and not a single complaint had been lodged with the banking commission against any payday lender. Nonetheless, Concord decided it had to “protect” the citizenry, and placed a 36 percent cap on the interest rates charged on short-term loans. When that cap takes effect, a payday lender will be able to charge no more than $1.38 on a typical two-week loan of $100, instead of the $20 now charged. Some lenders have said they will continue to operate until the law goes into effect. After that, with their profits legislated away, they will leave the state.