Comment of the Day
April 30, 2009 | Uncategorized | Comments (0)The debate continues:
I actually think that Nick is on the right track. If Mr. Gutierrez is willing to create a bill that would allow th industry to exist and seems to be open to discussing the issues, we should seek to create a standardized rate for all states, not just a cap. I do not have numbers on the illegal internet lending, but I would feel pretty confident that states that do not allow PDL’s have a much higher rate of complaints to their respective DFI’s than states that allow the product. If HR1214 would allow lending in all states, that would offset losses in states that have a fee in excess of $15 per $100. At the same time, it would mostly maintain the current staff while adding new jobs by opening up new states. And we all know that new jobs equals more taxes for our pitiful deficit. A win-win for everyone!
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