In Wisconsin
March 10, 2010 | Wisconsin, industry | Comments (0)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?
I smell you.
March 8, 2010 | Maryland | Comments (0)Another critic who can’t possibly understand why annual percentage rates shouldn’t be used to calculate interest on products that are NOT annual. According to Sean Tully, payday loan fees don’t pass the “smell test.” Well Sean, you’re not bed of roses yourself. We wouldn’t want to challenge you with math.
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.
Responsible customers
March 2, 2010 | Missouri, industry, positive media coverage | Comments (0)QC Holding’s Tom Linafelt hits back at the St. Joe’s (MO) News:
For those who have difficulty meeting their loan obligations, payday lenders offer extended payment plans that provide an additional two months to pay off what was originally a two-week loan, without additional fees.
Proposed Missouri legislation that includes a 36 percent APR cap would eliminate the industry and an estimated 10,000 jobs, $379 million in annual wages, $147 million in tax revenue and more than $20 million in commercial real estate lease payments.
Now is not the time to deny an important credit option for those who need it most, nor is it time to eliminate Missouri jobs.
What fresh hell is this?
March 2, 2010 | Minnesota, industry | Comments (0)While we were distracted elsewhere, someone introduced a bill in Minnesota.
Power to the people
March 2, 2010 | Utah, industry | Comments (0)From the Cache Valley (Utah) Daily:
Logan Municipal councilmember Jay Monson had high hopes for a bill putting restrictions on payday lending companies to be passed during the 2010 session of the Utah Legislature. But at a listening forum with local residents on Saturday, three local lawmakers said they don’t know what happened to the bill Monson was referring to.
Representative Curt Webb, R-District 5, said he does know that proposed bills have come up the last couple of years.
“Believe me, there were as many people that came in to defend them as necessary, as workable, and important to them as there were that came in said they were abused by that system,” Webb said.
“You don’t usually see the legislature taking a stand against them primarily because they seem to see it as more of a free market consideration.”
They must be doing something right
March 1, 2010 | Minnesota | Comments (0)Minnesota State Reps say they’re introducing a bill to “protect” consumers from legally operating payday lenders charging “unfair” fees by way of a legislative loophole. Here’s the thing–if some payday lenders aren’t using the “loophole,” and these folks are, why are consumers choosing them? Could it be that the regulation forced payday lenders out of business and offered nothing to replace the affordable short-term credit they offer? Apparently to Reps Davnie and Dahle, “protecting” consumers means restricting their credit access
