Yesterday, El Som had a post about pending legislation, including HB 289, which would put restrictions on payday lenders.
It seems as though there is some push back from Democratic leaders who want nothing to do with this important and consumer-friendly legislation. As El Som wrote:
Helene Keeley’s payday loans bill, HB 289, is on today’s House Agenda. It deserves passage because it will lead to the accumulation of data that will prove what we already know: That this is a predatory industry that feeds off of the most desperate among us. The bill would also limit to five the number of payday loans any customer may take out annually, which is a key piece in putting an end to month-to-month dependency that leads to 500% annual interest payments. Relentless lobbying has jettisoned an interest rate cap from the bill, which is unconscionable. But whores like uber-lobbyist David Swayze have no conscience and neither do most legislators, so it’s not unexpected. Something I’ve never understood is how people like David Swayze, in other words, people not hard up for bucks, can look themselves in the mirror when, day after day, they represent clients who succeed only by screwing the population at large. I mean, Swayze and his (ilk alert) ilk don’t need the money, so do they just like oppressing the masses? I’ve never figured out that pathology, but I’m open to suggestions. But, enough: OK, D’s you have a chance to redeem yourselves, if only momentarily. Pass this bleeping bill, willya? Maybe the Governor will take a brave stand on its behalf at some point yet to be determined.
We need this bill passed. Call Pete Schwartzkopf and Speaker Gilligan and tell them that you support this bill and want to see it voted on. Do it today!