Oregon Republicans Squash Dems Effort To Regulate Payday Loans

[Judi Lynn]

10:38 pm PT, Thursday, Aug 4, 2005
Oregon Republicans Squash Dems Effort To Regulate Payday Loans

Salem, Oregon - Representative Betty Komp (D-Woodburn) fought for a vote Tuesday on a bill that would have set rules in Oregon's presently unregulated payday-loan industry, protecting consumers from extremely high interest rates and what she calls "predatory lending practices," but the majority Republicans killed the effort on a party-line vote.

Senate Bill 545, which passed the Senate earlier this session, would have set a limit on the interest and fees that a lender may charge for payday loans¿a limit where none now exists. The bill would have established a maximum of $15 for every $100 borrowed for the first loan, and $10 per hundred for each renewal loan.

The bill also would have set a 31-day term for payday loans, and would have required that the borrower pay a quarter of the principal for each renewal, up to a maximum of three loans. Komp noted that the permissible annualized interest rate allowed by SB 545 is still more than 390 percent.

"Many of us might consider this loan shark country," Komp said. "But please remember that without SB 545, we have no limit at all. Oregon's payday loan industry is virtually unregulated."
(snip/...)

http://www.medfordnews.com/articles/index.cfm?artOID=307948&cp=10996

[Daphne08]

1. I'm so sick of the greed

They should be regulated since they're doing nothing but taking advantage of people-- and for what? More money.

When is enough, enough?

GREED is going to bring this country down to its knees. :grr:

[Demeter]

2. Don't Forget Ignorance and Apathy

Greed wouldn't have a leg to stand on without the other two.

[billyoc]

3. Our grand traditon of usury must be protected

at all costs. :sarcasm:

[anotherdrew]

4. as usual, Republicans stand up for evil, even evil forbidden in the bible

You can always count on Republicans to screw the little guy. My contempt for these so-called people is boundless. To hell with them and their god damned, should-be RICO busted mafia party.

[wli]

5. can these fascists be recalled?

[WhiteTara]

6. I still wonder how these animals walk on two legs

:shrug:

[William Bloode]

7. I remember when this practice was illegal.

It's more or less buying post dated checks. Sadly it feeds on the poorest of us all.

[dArKeR]

8. You can see these PayDay stores scattered about more than you can see

McDonalds, (In Oregon.) Business must be good or they all couldn't survive. But I'm on the side of the free market on this one. As long as the terms of the transaction is NOT unjust.


PS. Didn't anyone find out what this was about yesterday?

[Rainscents]

10. Is that suppose to be paper clip?

BTW: Oregon has very high Unemployement rate, I think, it'a on top 5 on the nation.

[dArKeR]

13. What I know about OR in my short time here. There's alot of people

doing drugs. Everyone knows. The city officials and Sheriff know. It seems to me the Sheriff wants to act but the cases are taken over by the DEA and nothing comes of it. Been going on for decades like this.

[redqueen]

9. It's official: REPUKES HATE THE WORKING CLASS!

:grr:

:puke:

[earth mom]

11. PURE EVIL...

and the work of the devil that's what these bastards are! Payday loan businesses prey on the working poor and the poor. People who have money, or even access to a lot of credit don't need them. Taking out these loans can sink a person so quickly financially it's unbelievable! Because if you don't flip the check over and pay the 300% interest fees or are unable to cover the check and fees they will take you to court and get a garnishment on your wages-that's right your piddly ass working poor wages!

Words can not describe how very evil these people are!

WWJD?!

:grr: :grr: :grr:

[mbperrin]

12. Whatta shock! Republicans favor greedy loan sharks over

poor people. Why don't they just make it legal to rob people at gunpoint? Same principle, just faster....

[DiverDave]

14. The repukes got a payoff

so whats new about bribing the rethugs?

[AlCzervik]

15. A lot of the GI's have used them and been crewed over-GOP hates the troops