Payday loans; permitted interest. (SB752)
Introduced By
Progress
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Introduced |
✗ |
Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Payday loans; permitted interest. Repeals provisions of the Payday Loan Act that authorize lenders to charge a loan fee or verification fee, thereby limiting permissible charges on payday loans to simple interest at a maximum annual rate of 36 percent. Read the Bill »
Outcome
Bill Has Failed
History
| Date | Action |
|---|---|
| 11/17/2010 | Prefiled and ordered printed; offered 01/12/11 11100437D |
| 11/17/2010 | Referred to Committee on Commerce and Labor |
| 01/17/2011 | Failed to report (defeated) in Commerce and Labor (4-Y 10-N) (see vote tally) |
Comments
locke
Event the payday lending managers say this is a scam. Time to cap that interest rate at 36%!
Mississippi is having waging a debate on the sunset of their predatory lending bills. This is what the faith community there is saying:
“Jesus said, 'I come to bring good news to the poor … 572 percent interest is not good news to the poor. They are being entrapped. We are better people than this."
-- Bishop Hope Morgan Ward of the United Methodist Church
http://www.clarionledger.com/article/20110111/NEWS010504/101110339/Payday+lenders+defend+high+rates
Rev. C.J. Rhodes, pastor for Mount Helm Baptist Church in Jackson, testified the rates "are not just unjust, but sinful."
http://www.clarionledger.com/article/20110111/NEWS010504/101110339/Payday+lenders+defend+high+rates
"The religious community is committed to ending this debt trap, which often finds people who are struggling to make ends meet each month in deeper financial straits than when they started.. In a state that has the highest rate of poverty in the nation, we also have one of the highest concentrations of payday lending in the nation."
-- Rev. Carol Spencer, chairwoman of the Mississippi Religious Leadership Conference, deacon at St. Andrews Episcopal Cathedral in Jackson.
http://www.businessweek.com/ap/financialnews/D9KM8U6O0.htm
"It would be my concern that all citizens and especially our legislators continue to address the basic truth that an essential measure of a moral society is the way its weakest, poorest and most vulnerable citizens fare in the life and policies of that society. We need to search for the wisdom and courage to build that kind of society in our state."
Bishop William R. Houck, former bishop of the Catholic Diocese of Jackson (commenting on the committee’s vote)
http://www.clarionledger.com/article/20110112/NEWS010504/101120341/Payday-loan-bill-advances