Payday Lending Up North

It looks like the Canadian Payday Loan industry has started a blog of their own, Advance View.  According to Advance View, “If you follow the industry closely then you are aware of a number of developments in the regulatory field that have been unfolding recently and that will continue to unfold in the months ahead. We [...]

“Responsible payday lenders have helped millions of Kansan familes”

Tom Linafelt of QC Holdings was obviously annoyed with an uninformed editorial in the Kansan newspaper.   Here’s his letter to the editor, which goes on to make the key points that:

The vast majority of Kansan use payday loans responsibly, and;
Banning payday loans will force customers into more costly options. 

CFSA Statement on Virginia Payday Lending Legislation

“We appreciate the effort of the General Assembly and Governor to forge a compromise on a complex issue; the result is one of the most restrictive payday-lending laws in the country. In addition, Governor Kaine deserves  credit for acknowledging that the work of the General Assembly was difficult and that the compromise developed during the [...]

The Elite and Payday Lending

From Daily Kos, “Hillary doesn’t think Obama is elitist, neither does she think he is out of touch with working class Americans. At least no more so than she is herself, or McCain is, or any politician that isn’t living paycheck to paycheck is.”
According to Wikipedia, “Elitism is the belief or attitude that those individuals [...]

Ohio update: 14 Senators sign 36% rate cap bill

From today’s Columbus Dispatch:
“If Grendell’s bill or House Bill 333 were to pass, the payday-lending industry says its more than 1,600 stores would be put out of business quickly. Under a 36-percent rate, they would be allowed to charge less than $1.50 per $100 borrowed on a two-week loan. The current rate is about $15.”
 

California committee action on payday lending bill

This Sacramento Bee story details Monday’s action in the California Assembly’s Banking and Finance Committee.    

Michigan Debt Collection Laws

Nitzkin & Associates’ debt collection blawg often contains interesting pieces regarding debt collection regulations and the lending industry in general. Today’s post is no exception and contains some food for thought comparing the difference in Michigan debt collection laws regarding bad checks written to most businesses versus bad checks to payday loan companies.
Essentially, [...]

Analysis of Ark. payday lending situation

The Arkansas Business Journal picks up on an Associated Press story that analyzes how we got to this point in Arkansas.  This paragraph gets to the heart of the matter:
“The 1999 law {the Check Cashers Act} declared that income earned by payday lenders was a fee and not interest, avoiding the 17 percent limit on [...]

“Public need more, not less options”

So says Tim Miller of Center for Consumer Freedom in today’s Baxter Bulletin out of Arkansas.  Money quote:
“Borrowers are best served when they have more choices to pick from, not when politicians eliminate what is for many their only option.”   
The Payday Pundit has been making this point over and over.  Payday loans are an [...]

26,000 constituent letters delivered to OH legislators

More than 26,000 letters from payday lending customers and employees have been delivered to state legislators in Ohio.  The customers who’ve actually used the service should be a vital part of the payday lending debate.
From a resident of Columbus, OH:
Asthtabula County doesn’t have a lot of good jobs for people. You do run short paycheck to [...]