Posted on07 February 2011.
A state lawmaker in Washington wants to repeal a law limiting payday loans because he said the rule didn’t slow demand for short-term credit.
“The evidence would seem to indicate that consumers are seeking higher cost, unregulated products,” said Kirby, a Tacoma Democrat. He said the eight-loan cap was sending customers into “the wild west,” a world of unlicensed Internet loans where fees are higher and credit limits don’t exist.
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So taking away supply (brick and mortar payday loans) is not taking away demand for loans? How can that be?
Clearly the next step for the “regulation” crowd is to set up new internet regulation laws. They laws will seek to monitor everyone’s internet usage to make sure they don’t go to the forbidden “wild west” unlicensed internet loan sites. Internet cops to the rescue!