Helene Keeley Delaware; David Swayze Delaware; Payday Lending; Delaware Financial Center Development Act; Roy Orbison; Steve Tanzer Delaware; El Somnambulo;

A glimpse inside the Delaware Way, and what it has wrought. Helene Keeley's legislation seeking to reign in predatory lending in the form of payday loans, made it out of committee. But not before one of Delaware's most malevolent lobbyists got an interest rate cap stripped from proposed legislation. Which, of course, wasn't enough for him. From today's News-Journal story:

Speaking for the Online Lenders Alliance, a payday-lending trade group, lobbyist Dave Swayze said efforts to curtail short-term lending fly in the face of Delaware's landmark Financial Center Development Act, the 1981 law that eliminated the state's usury statutes and allowed banks to charge unlimited interest rates. "We will let the marketplace, we will let the buyer and seller, the contract entered into by them, determine the terms of the loan," he said.