Payday Pundit » State legislation

Payday bill one step away from becoming law in Texas

Payday Pundit — Thu, 26 May 2011 19:31:08 +0000

A day after passing through the Texas Senate, the House has followed suit and approved of the Senate version of House Bill 2592. If passed, the bill that now just awaits the signature of Governor Rick Perry will require more extensive disclosure from payday lenders in Texas. House Bill 2594, which requires payday lenders to be licensed by the state, still awaits final House approval.

Payday lending could soon become more transparent for borrowers looking for money fast — the House today concurred with the Senate version of a bill that would require payday lenders to disclose interest rates and fees associated with the loans.

Texas payday legislation still making the headlines

Payday Pundit — Mon, 23 May 2011 18:00:55 +0000

While the fight in the Texas House of Representatives may be over, the San Antonio News Express continues to focus on last weeks debate over the three payday lending bills that were on the House floor. In particular, the paper’s editorial board takes issue with Rep. Gary Elkins’ (R-Houston) involvement in the legislative process, seeing that he owns a payday lending company in Texas.

Elkins has brought disrepute on himself. He also placed House members in the troubling position of supporting legislation a colleague had appealed to them to oppose on the basis of personal interest, or opposing that legislation for his apparent financial benefit.

No perspective

Payday Pundit — Tue, 03 May 2011 13:39:59 +0000

Newspapers love attacking the payday lending industry for campaign contributions, but they never want to offer perspective on how much other industries give to candidates. This time a California newspaper sees how many payday loan cliches it can shoehorn into a report.

I’ll be back

Payday Pundit — Mon, 02 May 2011 13:24:45 +0000

Missouri wrapped up talks this year on payday lending, but it will resume next session.

A House-approved payday lending bill is dead for this year, but two senators — one Republican and one Democrat — say they plan to write a much tougher measure in time for next year’s session.

The right of the citizenry

Payday Pundit — Mon, 02 May 2011 13:19:29 +0000

New Hampshire is moving to add some short-term credit products in the state.

“We should not take the right away from the citizenry to do what they want. Sometimes they do what they have to do,” said Rep. Ken Gidge, D-Nashua.

That is the question

Payday Pundit — Mon, 25 Apr 2011 14:03:36 +0000

A North Carolina newspaper goes all Shakespeare in a diatribe attempting to justify why payday loans should remain outlawed in the Tar Heel state. To allow consumer freedom or not allow consumer freedom, that is the question.

… N.C. General Assembly is considering House Bill 810, which would relax restrictions on “consumer finance” companies that include predatory and payday lenders.

The Times they aren’t a changin’

Payday Pundit — Mon, 25 Apr 2011 13:46:21 +0000

The LA Times is against updating payday lending laws in California. Big shocker. This newspaper hasn’t exactly been a bastion for consumer choice.

Proponents argue that the limit, which hasn’t changed since the loans were legalized 15 years ago, is too low to meet many of the emergency needs that can lead someone to take out a payday loan.

The Times thinks it knows what consumers should be able to borrow, what lenders should be able to charge, etc. If the state had capped the cost of newspapers at a quarter it would be a different tune.

Movement in Missouri

Payday Pundit — Mon, 18 Apr 2011 13:39:56 +0000

The Missouri House of Representatives will likely vote this week on restrictions for short-term lending, according to this newspaper article. There are some in the state that still want to ban payday lending, but this bill sponsor says that’s not the aim of this legislation.

Bill sponsor Rep. Ellen Brandom, R-Sikeston, said the bill would help curb abuses without putting the industry out of business.

Financial Education

Payday Pundit — Mon, 18 Apr 2011 13:34:50 +0000

A group in Mississippi made a few errant remarks regarding payday lending in an op-ed, but the main focus of the article is promoting financial education. The Pundit sees that as a noble goal.

The Foundation for the Mid South believes that financial education is essential. Every resident should have a basic understanding of financial concepts and what it takes to live within their means.

Happy customers

Payday Pundit — Wed, 13 Apr 2011 13:16:25 +0000

An payday lending employee defends short-term credit in a New Hampshire newspaper.

Our New Hampshire stores – and other similar lenders – closed in 2009 after the Legislature passed regulations that made it impossible to operate. We helped tens of thousands of people overcome temporary financial shortfalls. And yet, among the many customers we served in the last half-dozen years, fewer than five of them filed complaints.