Hope in AZ
March 14, 2010 | Arizona, industry, regulation | Comments (0)From the story in AZCentral.com:
There is a revived legislative effort to keep the high-interest lending industry alive in Arizona, but this version includes a payout to community groups.
Sen. Russell Pearce, R-Mesa, has proposed a strike-everything amendment to House Bill 2370 that would, among other things, allow fees of $15 per $100 borrowed, restrict the number of loans an individual could take out at one time and allow a customer to rescind the transaction if he or she returns the money within two business days.
Arizona future
March 12, 2010 | Arizona, industry, regulation | Comments (0)From the AZStar:
Even if payday lenders get a majority of lawmakers and the governor to go along and allow them to continue doing business after June 30, payday-loan shops likely will have to shut down, at least temporarily.
A simple majority vote enacts a law 90 days after the regular legislative session ends. And at this point the earliest lawmakers are likely to wrap up their business is the end of April, meaning payday lenders couldn’t resume business until August.
It would take a two-thirds vote of both the House and Senate, as well as the governor’s signature, for immediate enactment.
They’re out of argument
March 9, 2010 | Colorado, industry, regulation | Comments (0)How do I know? Because they are using the “everyone knows” rhetoric of a demagogue. Read the story and let your blood boil.
Could you be more explicit?
March 9, 2010 | Minnesota, industry, regulation | Comments (1)This article about Minnesota legislation doesn’t say much? Any of our readers know what’s going on up there?
To all the media hypocrit(ics)…
March 4, 2010 | Ohio, customers, industry critics, positive media coverage, regulation | Comments (0)Don’t let the coattails drag! Robert Nozar’s column in Cleveland’s Sun News this morning reveals the hypocritical nature of the media when it comes to payday lending:
Part of the answer to that question lies with the fact that there are members of the media who willingly hold the coats of those politicians so engaged in the battle to cast an unneeded and unwanted presence in those lives.
While those very same columnists and commentators would take issue with government intrusion in other areas, they are very willing to prod, cheer on and otherwise abet paternalistic politicians when their own senses of morality are challenged by that which they find distasteful.
Payday loans are one such “egregious” infringement on the “morality” of those who would presume to speak for the masses.
Never mind that those who object have never needed a payday loan themselves, and likely have never heard a legitimate complaint about a payday loan from a person who has taken out such a loan.
Dear media, please stop trying to control other peoples’ lives on something with which you have no experience.
Kentucky data base
March 2, 2010 | Kentucky, industry, regulation | Comments (2)Begins on May 1. From the story:
A “real-time” database of payday lending transactions will be up and running as of May 1, according to Charles Vice, Commissioner of the Department of Financial Institutions.
And, according to the CEO of the company, which will operate that database, Kentucky is likely to see a reduction in the number of payday lenders after that. Thomas Reinheimer of Veritec Solutions said his company operates such databases in nine other states and in each, about “18 to 20 percent” of licensed payday lenders closed down once the database was in operation.
The database is required under a law passed last year which was sponsored by Rep. Johnny Bell, D-Glasgow. It makes illegal internet payday loans and requires all payday loan transactions to be entered into the database, including customer name, address, phone number, amount of the loan and the number of loans which the customer has outstanding.
Editorial support in Colorado!
February 25, 2010 | Colorado, industry, positive media coverage, regulation | Comments (0)“Regulations are tough enough” says the Daily Camera:
In these disastrous economic times, “regulation” and “oversight” have become popular battle cries. But payday lending is highly regulated industry, already — with caps and fee structures that are actually quite stringent when compared with other lenders. The rules on payday lending in Colorado are tough enough.
Driving legitimate businesses, and employers, out of business would also deprive hundreds of thousands of credit-challenged Coloradans emergency funding — to fix their cars, to keep their apartments, to pay an unexpected health bill — at precisely the wrong time.
Diatribe disguised as argument
February 24, 2010 | Missouri, industry, regulation | Comments (0)In yesterday’s STLToday site:
Over the years, Missouri lawmakers have allowed payday lenders to run amok among some of the state’s most desperate and vulnerable citizens.
It’s newspaper editorial writers that run amok. With no business experience, practical wisdom or common sense, they spew bile and and anti-business invective to make themselves feel better.
Montana referendum coming?
February 24, 2010 | Montana, industry, regulation | Comments (0)We’ll have to keep an eye on this.
Something’s going on in Minn.
February 24, 2010 | Minnesota, industry, regulation | Comments (0)Unfortunately, from this story, it’s hard to tell what:
Minnesota lawmakers say a loophole in state law is allowing lenders to take money away from people who want an advance on their paycheck.
Sen. Kevin Dahle of Northfield and Rep. Jim Davnie of Minneapolis are due to discuss legislation Wednesday to change payday lending practices.
