Peoria, again
January 13, 2009 | Illinois, industry, media coverage, regulation, states | Comments (0)We reported several months back that the city of Peoria passed an ordinance on payday lending and check cashers. Now a state rep. from Peoria has introduced legislation in the legislature, but it doesn’t look like it’s going anwhere. From the article:
Saying that consumers deserve heightened protection from predatory lenders, state Rep. Joan Krupa has proposed legislation that would impose stricter rules on Illinois’ payday loan industry.
It’s the Peoria Republican’s first bill — and probably her only one.
Krupa, who was sworn in Jan. 5 to complete Aaron Schock’s term, will serve as the 92nd House District’s representative until noon Wednesday. That’s when Democrat Jehan Gordon, who beat Krupa in the Nov. 4 general election, takes the oath of office.
Krupa said Monday she realizes her legislation, House Bill 6734, can’t get very far before her departure from the House. But she hopes the lawmakers in the new version of the General Assembly, which starts its two-year cycle on Wednesday, will tackle the issue.
The key phrase is “not for profit”
November 16, 2008 | Illinois, Springfield News Leader, alternatives, industry | Comments (0)As the Payday Pundit has pointed out before, most credit union or bank “alternatives” to payday loans are either not profitable or cost the same as a payday loan. This story highlights an effort in Illinois to open a “not for profit” payday loan store on busy interesection in Springfield:
IN GOD WE TRUST is preparing incorporation papers and scouting out sites along MacArthur Boulevard for a not-for-profit alternative to payday loans. Kevin Slot, owner of Tailored Printing Inc. of Springfield, has been working with The Ministerial Alliance of Springfield on the project.
He told members of the MacArthur Boulevard Business Association last week the group is looking for volunteer counselors for the storefront operation. The association has led the fight to limit the number of new payday loan outlets in Springfield.
It’ll be interesting to keep track of this, see what the fees are, see if they are heavily subsidized by either the government or a charity. If there’s a Payday Pundit reader in Springfield, please check this out for us. We’ll post your info here.
Fine, create an alternative
October 12, 2008 | Illinois, local issues, media coverage, states | Comments (0)The payday lending industry has always said, “Bring on the competition.” If charities want to create an alternative, the industry will compete with them, too.
We expect that the Ministerial Alliance of Springfield, IL will find it’s easier said than done.
Illinois is the “Wild West of payday loans”?
October 6, 2008 | Illinois, industry, local issues, media coverage, states | Comments (0)Crazy talk from some Illinois activists.
Payday loans serve the unserved
October 4, 2008 | Illinois, industry, media coverage, regulation, states | Comments (0)That’s the title of this great oped in the Springfield, Il. magazine:
As a regional manager for an installment loan company, AmeriCash Loans, it has been satisfying to be able to provide individuals with installment loans as a means of survival when hardship strikes. All of our customers have jobs and checking accounts, but when emergencies come up, many need help right away so they turn to us because we do listen and provide options where none exist.
Peoria is at it again
October 1, 2008 | Illinois, industry, media coverage, regulation, states | Comments (0)The city wants to stop “clusters.
So the PJStar offers this handy Q&A for citizens.
It’s quite unbelievable that in this economy towns are considering restricting economic activity. Makes no sense.
Stick to the environment
September 25, 2008 | Illinois, industry, media coverage, states | Comments (0)Some Green Party congressional candidate in Illinois thinks the current financial crisis is an excuse to regulate payday lenders.
No bailout for American families
September 22, 2008 | Chicago Tribune, Illinois, alternatives, customers, industry, media coverage, personal finance, states | Comments (0)Why take a cheap shot at payday loans in a discussion of the Wall Street bailouts? While access to credit will become tougher and tougher for working people, payday lenders will always be there helping people pay bills.
It ain’t over in Simpsonville
September 21, 2008 | Illinois, industry, local issues, media coverage, states | Comments (0)Some people won’t accept the Springfield City councils vote not to restrict payday loan stores. From the story:
Members of the MACARTHUR BOULEVARD BUSINESS ASSOCIATION have made it clear they have not given up on limiting the number of payday loan stores in Springfield despite last week’s 5-4 city council vote against such limits. Opponents were concerned about setting a precedent and discouraging new businesses.
Who said you can’t fight city hall?
September 18, 2008 | Illinois, industry, local issues, media coverage, regulation, states | Comments (0)A local lender is suing the city of Joliet, IL over their local ordinance.
