More on Washington State
December 31, 2009 | Washington, industry, regulation | Comments (0)The New York Times picks up an AP story. My favorite passage:
”There’s still high demand for our product but we won’t be able to feed it,” said Joe Brown, general counsel for the Check Masters chain. The new law ”will push people to other forms of short term credit, turn to sources that are not subject of regulations, such as online lenders that operate off shore.”
Brown said he expects the new law to hit smaller chains and mom and pop outlets — like Weaver’s — harder. He said the profit margin for the payday industry is not high, and smaller chains won’t be able to sustain a cut to their customer base.
Exactly. Reduced competition has never benefited the consumer.
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