Payday financing opponents, industry clash in charged hearing over loan database

Payday financing opponents, industry clash in charged hearing over loan database

Hours of impassioned testimony dominated conversation during a hearing on a bill that could produce a statewide database for tracking payday loans, an apparently innocuous concept met with tough opposition and serious rhetoric through the industry and its particular supporters.

Lobbyists, pastors, a league that is little and a large number of workers of payday financing businesses packed hearing spaces Wednesday for a hearing on SB201 , which may develop a database to trace informative data on high-interest (a lot more than 40 %) short-term loans which includes quantities, costs examined on borrowers, standard rates and all sorts of interest charged on loans. Continue reading “Payday financing opponents, industry clash in charged hearing over loan database”