Iowa bill not going anywhere
February 11, 2010 | Iowa, industry | Comments (1)At least according to the latest AP story:
A measure that would restrict payday loans in Iowa and likely put many of the lenders out of business appears dead for this legislative session.
The proposal would make payday lenders choose between a 36 percent cap on interest or a limit on the number of loans given to a borrower. Supporters said the measure is needed to stop lenders from taking advantage of people in Iowa, who now can be charged up to 400 percent interest.
Rep. Janet Petersen, chairwoman of the House Commerce Committee, blamed the measure’s likely failure on a lack of time and opposition from some members of a subcommittee where the proposal was assigned. The deadline for the committee to act on the bill is Friday.
Why “blamed”? Why not “credited” the measure’s failure to some legislators having good sense?
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Supporters of the measure aka. 200-400 members of Iowa’s version of ACORN known as the ICCI. The Des Moines Register took a poll and found out that most Iowans don’t care about PDL’s and believe our laws are fine the way they are. The legislators realized, wisely that killing an industry that provides 2500+ jobs to Iowa and over $33 Million in Tax and Fee Revenue is not a good idea during a recession. Not to mention cutting off access to credit for millions of Iowans.