Jan 08 2009
Pay day loans are set to see an upset if this new pre-filed bill is voted for
For those of you who have been with me from the beginning of this blog, you may remember one of the first stories I did about a bill S954 that would have made pay day loans a thing of the past had it been voted up. See the original post Are pay day loans a thing of the past. This bill looked to not get much attention in the form that it was in. Maybe no one wanted to deal with it at the time.
In comes a new pre-filed bill H3050 that is set to be voted on in this 118th session of 2009-2010. This new bill is worded a bit different from the one before. It would make it illegal for anyone or company to take a check and hold it to cash at a later date. The fine would be 10,000 and possible jail time as well.
I have spoken to many people that would much rather use a pay day loan company rather than a title loan business. For some people, they have no choice at times. If you have a credit card, chances are you are paying even more than you would to a pay day lender. Real change would come from putting more regulations on how much any company is allowed to charge as a fee.
