Categorized | industry, media coverage

Washington State update:

From the Olympian:

Some bills would prevent lenders from contacting borrowers at work. Others would cap loan fees at anywhere from 10 percent to 36 percent, which is the federal limit for loans to military personnel. One bill, HB 1684, limits total loan balances to 30 percent of a borrower’s income and creates a database of all loans and borrowers to ensure that excess credit is not extended.

Tuesday’s hearings in House and Senate committees drew testimony from people who said they had become trapped by a cycle of debt through paycheck loans. The loans are obtained by giving a lender a post-dated check that is not cashed for a few weeks.

Nothing will happen fast.  I think we’re at least a couple months away from decisive action in the state legislature.

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