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 for a bill that will produce a statewide database for tracking payday advances, an apparently innocuous concept came across with intense opposition and serious rhetoric through the industry as well as its supporters.

Lobbyists, pastors, a small league mentor and a large number of workers of payday financing organizations stuffed hearing spaces Wednesday for a hearing on SB201 , which will produce a database to trace information about high-interest (a lot more than 40 percent) short-term loans which includes quantities, costs evaluated on borrowers, standard prices and all sorts of interest charged on loans.Continue reading