What’s going on in New Hampshire?
January 27, 2010 | New Hampshire, industry, regulation | Comments (0)From an article today in the Concord Monitor:
A year ago, the state Legislature outlawed payday and title loans in order to protect consumers from paying exorbitant interest rates. But that hasn’t stopped some lenders from offering other types of short-term loans at equally high interest rates.
Today, the House will vote on a bill meant to close what some consider a loophole in the law. Opponents of the bill say it will remove the last resource for people desperate for short-term loans.
“I don’t think those people with bad credit should have no place to turn for a loan,” said state Rep. Jeff Goley, a Manchester Democrat and chairman of the House Labor Committee.
Senate Bill 193 would put a 36 percent cap on annual interest rates, including some fees, for any loan under $10,000. It would apply to both loans and lines of credit.
There’s a tremendous disconnect between elected officials and working Americans. It seems as if the officials are listening to a few anti-business advocacy groups and not their constituents.
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