Yes, someone in Washington state gets it.  From the News Tribune:

Payday lending critics scored a win for borrowers this past legislative session by settling for less.

A bill signed last week by the governor accomplishes something that advocates for the poor had pushed for several years to no avail: a reduction in payday loans’ effective annual percentage rate.

The current rate is technically 390 percent, which sounds outrageous and would be if payday loans’ terms were longer. But on the typical two-week loan, the annual figure of 390 percent equates to a reasonable $15 charge for a $100 loan.

We don’t know if the bill is ultimately good for the industry, but we love that last quote.