Thoughts on South Carolina lawsuit
May 13, 2008 | Charleston Post & Courier, South Carolina, media coverage, positive media coverage, states | Comments (0)For readers who are following the lawsuit in South Carolina, we received the following commentary from another reader.
John Hawkins is suing the industry saying that the Dept of Financial institutions (who is an impartial 3rd party and audits the companies), did not enforce the laws of SC. The DFI sits in judgment of the companies. The payday industry relies on the DFI’s audit to insure compliance. If Hawkins and his team get their way to interrupt the laws biased by making millions for themselves his only problem will be trying not to act surprised when they announce the outcome! Hey, if they win this one, all the judges of SC will want to get in on the next gig and demand a cut of the awards they sit in judgement of.
And the Morgan’s that Hawkins ‘claims’ to represent, ain’t that the guy that testified at Hawkins hearing that over the past two years he had paid over $22,000 in payday loan fees? That was the same hearing that the DFI testified that the average payday loan fee in SC was only $35! If you do the simply math $22,000/$35=628. That means over the last two years Mr.Morgan got 628 payday loans. If you do the math, that means this guy didn’t do this just 5 days a week, but got up early every morning 6 days a week and went out and got a new payday loan for 24 straight months. Here is another thing Hawkins does want to talk about. If they did spend $22,000 on payday loan fees, he got $147,000.00 (147,000 @ 15%= 22,000) IN CASH! What the hell did he do with that money, give it to Hawkins?
Hawkins started all this mess to create press for his UPCOMING lawsuit…..and then the surprised lawsuit!
The honest legislators that are not on the lawsuit have figured this out that the smell they smell isn’t the payday lenders! Hawkins has figured out a way to get around the donation caps and reporting requirements for benefits he receives personally for votes he cast.
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