Still fighting in New Hampshire
January 7, 2010 | New Hampshire, industry, regulation | Comments (0)From the story:
Last session, lawmakers drove most payday lenders out of the state by capping interest rates at 36 percent, but some companies have found a way around the law that by imposing such charges as membership and loan consultant fees.
House Bill 193, at the request of the banking commissioner and the attorney general’s office, would try to change all that by making the cap an aggregate 36 percent on all loans under $10,000, payday or not.
The House Commerce Committee – which has traditionally favored the payday loan industry — voted to kill the measure, but just barely, 9-7. Wednesday’s House votes were even closer. A motion to kill it there failed, but only by three votes, 174-177. Then a motion to refer it back to committee failed, but only after House Speaker Terie Norelli tied it up by voting against it.
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