A legislative effort to place restrictions on payday loans was dealt a setback earlier this week, as Assembly Speaker Mike Sheridan, a Democrat from Janesville, assigned the bill to a committee of lawmakers skeptical of the effort. While the bill is far from dead (43 of 99 Assembly members have signed onto the bill), it remains to be seen how long it will be delayed.
It’s worth noting the payday loan industry has been fighting hard against new restrictions on the interest rates payday loan stores can charge. The industry has hired 30 lobbyists and a public relations firm, and last year, employees of payday and title lenders donated more than $140,000 into state campaign coffers. I’ll be curious to see if the money of the payday loan industry wins out over the new restrictions, because as we all know, money talks when it comes to politics.
State government has been purchased by Payday Lending. It makes me sick.
Agreed. This certainly seems to be a case of the folks with the money calling the shots.
Nothing wrong with Payday Loans if used properly. Bank fees are the problem these days!
I support what Sam has said. Borrowers usually don’t experience any serious problems dealing with payday loans. It should be noted that these financial solutions can be especially effective at the moment when you need money most of all.
I’m shocked….simply shocked that Archie and Sam agree.