Voter fraud group opposes Prop 200
October 30, 2008 | ACORN, Arizona, industry, industry critics, regulation, states | Comments (0)ACORN, the community group being investigated by about a half dozen states for voter registration fraud, is opposing PROP 200 in Arizona. I think the citizens of Arizona should give ACORN the respect they deserve.
A Hill in Utah
October 30, 2008 | Deseret News, Utah, industry, media coverage, states | Comments (0)That would be Attorney General candidate Jean Welch Hill who wants restrictions on payday lenders:
Hill called Thursday to limit the interest that payday lenders can charge to just 36 percent annual interest. She also proposed limiting the period that borrowers can “roll over” or extend loans from the current 12 weeks to just four weeks.
“A 36 percent rate is still quite high, but it would restore a modicum of fairness to the system and probably encourage the most unscrupulous lenders to leave the market,” Hill said.
Why don’t these people just say “ban” because that’s what the 36% cap does to the industry.
Debit cards overtaking credit cards?
October 30, 2008 | alternatives, industry, personal finance | Comments (0)Wow! According to Businessweek:
For consumers reeling from a series of economic body blows, debit cards are increasingly becoming the plastic of choice. Some use the cards, which pull money directly from a bank or other account, as a budgeting tool to limit spending. Others are embracing them out of necessity as banks clamp down on credit. All told, debit purchases are expected to climb 13% in 2008, to $1.2 trillion, according to The Nilson Report, an industry newsletter—compared with a 3% rise, to $1.9 trillion, for credit-card transactions.
Come to think of it, the Payday Pundit used his debit card more than his credit card.
Hearing today in Arkansas
October 30, 2008 | Arkansas, local issues, media coverage, states | Comments (0)Well, now that most of the payday lenders in Arkansas have closed, the legal issues are being fought out:
The Arkansas Supreme Court was scheduled to hear oral arguments Thursday in a lawsuit challenging the 1999 Check Cashers Act, which opponents say violates the state constitution by allowing payday lenders to make consumer loans with interest rates of more than 17% annually.
A Pulaski County judge last year ruled that the act was constitutional.
The Payday Pundit will try to find out where this is going.
Obama and payday lending industry up in Ohio?
October 30, 2008 | Ohio, industry, media coverage, regulation | Comments (3)That’s what this story says.
Original
October 30, 2008 | Ohio, industry, media coverage, regulation, states | Comments (0)Finally someone used a Halloween news hook to write about Issue 5 in Ohio:
It’s almost Halloween, and if you’re looking for a fright I recommend sitting down and watching the ads for Issue 5. Believe me, these ads are scary: vote “YES” and you support taking a meat cleaver to 6,000 Ohio jobs in a slash-and-kill thriller, vote “NO” and you’re throwing your neighbor into the jaws of circling loan sharks charging 391% APR. But for those of you looking to avoid the suspense of making a decision, we offer a fear-free look at Issue 5 as part of our ongoing coverage of the 2008 Election.
Give them points for cleverness
Arizona Republic is against us
October 30, 2008 | Arizona, industry, media coverage, regulation, states | Comments (0)As we’ve pointed out before, the Arizona Republic used to be a libertarian-leaning, free-market paper. They’ve now joined the rest of the mainstream media in being dominated editorially by nanny-state types.
We know it’s NO
October 30, 2008 | OH CRL, Ohio, industry, media coverage, regulation, states | Comments (0)But I guess Ohio voters are still confused about how to vote on the referendum. This story tries to explain it. So does this one.
Uh, excuse me…
October 29, 2008 | Arizona, industry, media coverage, regulation, states | Comments (0)This story out of Arizona encouraging a NO vote on Prop 200 misses the point:
Prop. 200: No
Incorrectly called the “Payday Loan Reform Act,” this initiative pushed by the industry would make the law it operates under permanent instead of expiring in 2010. The industry provides a service, but it is overused. The Legislature should be responsible for regulating payday loans.
The reason there is a Proposition is that the legislature punted on this. It had all year to act.
British entrepreneurship
October 29, 2008 | alternatives, industry, personal finance | Comments (0)The Payday Pundit tips his hat to those crazy Brits. Some energetic business people have opened an online pawnshop service. You have to read the details here to learn how it works.
