Time to Stop the Vultures
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!
Tags: Helene Keeley Delaware; David Swayze Delaware; Payday Lending; Delaware Financial Center Development Act; Roy Orbison; Steve Tanzer Delaware; El Somnambulo;, pay day loans, Pete Schwartzkopf, predatory lending
500% interest? Nope. I personally can attest to seeing 500% as the norm / baseline
What stunned me was the day i saw 1000% percent.
Yes, you read that right ONE THOUSAND PERCENT INTEREST PER ANNUM!
And i will swear to that. Then there are all the other legal tricks for suing for non-payment, like cherry picking which court in which county – the defendant who is carless cannot make it to court and does not show up so default judgement is rendered.
The games they play make itt seems as if they are deer-hunting with a fully automatic howitizer. They are not vultures, more like blood thirsty vampires withan insatiable appatite.
We need garlic. A stake of wood and wolfsbane and use all three. This is not an industry DE should even try to prop up or assist in any way .
Ricardo Salinos is one of the people who is trying to stop Delaware Payday reform. Salinos is the second richest man in Mexico and owner of Advance America the largest payday loan company in America. He has made billions of dollars in Mexico exploiting the working class citizens in Mexico through his lending practices . His company owns at least 10 payday lending sites up and down Delaware. His company is funding Delaware lobbyist. Few people realize that Delaware law is being influenced from Mexico. Call your representative and ask them to listen to Delawareans .