Friday, March 30, 2007

Small victtory against payday lenders

The full state house voted and the industry backed bill which pretends to regulate payday lenders has been defeated.

David Dunn brought it up and said it was doing "something" to reign in the industry. David Johnson spoke against, followed by Janet Johnson, and Betty Pickett, and Will Bond from Jacksonville.

Bond observed that the proposed law would be contrary to the Military Services Protection Act, a state law that prohibits discrimination against service people. Payday lenders would be explicitly exempted from compliance with that law. In other words, it is OK to cheat the men and women in uniform.

27 - 57, so there will be no fake window dressing.

Comments:
When you built a course of action on a deceived foundation, you can certainly create a rocky aftermath. Some politicians are looking to wipe out the payday loan industry and sadly, some have succeeded in many areas. This action reflects the groundless idea or assumption that payday lenders fall under the same category as illegal loan sharks. This ongoing challenge to pass this legislature attempts to restrict or take away your ability to get a payday loan for unforeseen emergency cash needs. Please do not be misinformed and educate yourself, friends and family on the right of financial independence.
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