It's about to make a comeback.
Last year, the state house adpoted legislation that will authorize a 419% APR on a two-week loan passed earlier this month, in a 102-90 vote.
It was opposed by Democrats Joe Brennan, Bob Freeman and Steve Samuelson, as well as Republicans Marcia Hahn and Joe Emrick. Under incredible pressure by party leadership, Hahn called Jennings from the house floor three times before deciding to vote against the legislation.
But Democrat Jenn Mann supported the bill. Why?
Sounding very Republican, she told The Morning Call that government "can't control an individual's finances."
In the Senate, former payday loan opponent Pat Browne is now a payday loan proponent.
Mann and Browne, as you know, are the architects of the NIZ, a special district we now know is only available to the rich developers like gazillionaire J.B. Reilly, not mom-and-pops. To get the support they needed to help out their rich pals, Mann and Browne agreed to support Payday lending.
Browne is now sponsoring a gentler, kinder payday loan bill in the Senate. The APR is only 300%.
He calls it a "micro loan."
CACLV Executive Director Alana Jennings likens that it to stabbing someone in the back and calling it surgery.
Never mind that, from AARP to United Way, payday loans are condemned as just another stepping stone in the march to delinquency on other bills, bank account closures and bankruptcy.
Will this pass? Locally, State senator Lisa Boscola voted No. But since this screws the consumer, just like the NIZ, my bet is it passes.
No Cash Advance offices will be permitted in the NIZ district. But I'm sure they'll be allowed everywhere else.
6 comments:
i'm not sure it's fair to blame this on the NIZ.
to be fair, Jen and Pat could have sold their vote for any number of things.
just another niz bashing. the payday loan is not the issue - just an easy opening to make a worn out point
this is ohares forte - beating a dead horse
Really, cause it sounds like #1 NIZ cheerleader AJ is crediting the NIZ for this one. This is what happens when you turn your back on a snake - it bites you in theass.
Thank you Jennifer Mann.
I am really impressed with the quality of your blog. It's amazing to see it and allow us to feel great. The data and content you disclosed in this post is also very inspiring and full of meaning.
There are many people who are facing some financial problem and want money in emergency.So they should apply for a payday loan.
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