Should Government Limit Bank Overdraft Fees?
Over-the-top overdraft fees
The Associated Press reports that some senior congressional Democrats want to draw up legislation that would limit how much banks can charge customers in overdraft fees. Personally, I have been slapped with $105 in overdraft charges before for transactions that equaled a lot less than that, so I [...]
New Rules Will Prohibit Teens from Having Credit Cards
Drinking age is the new credit card age
When a new piece of legislation takes effect in February, anyone younger than 21 will need a cosigner older than 21 to get a credit card. I believe this is a very positive step that will keep a lot of people from getting [...]
Ohio Payday Lenders Close in Wake of Regulations
Payday loans a tough business
Last year, the Ohio payday lending industry and its advocates fought to get harsh restrictions in the state overturned, but the policies stayed put.
This year, more than a third of the payday loan businesses in the state have closed down, much to the dismay of their [...]
Washington, Idaho, Kentucky Pass Payday Loan Bills
Washington limits collection efforts
State of Washington governor Chris Gregoire on Wednesday signed new restrictions on payday lenders into law. The new laws address what type of payday loan collection efforts can be used and how often and in what manner borrowers can be contacted.
The rules
Washington law now says payday lenders [...]
South Carolina Senate Backs Off on Payday Loan Restrictions
Payday loan restrictions too much
Legislators have been laying the smack down on the payday loan industry in South Carolina lately. However, today it appears they might be willing to ease up a bit.
The regulations moving through the Senate included a provision that limits the total amount of a payday loan [...]
Idaho Follows the Center For Responsible Lending’s Command
Idaho aims spud gun at cash advance
Sarah Wire of Washington State’s The Olympian newspaper reports that lawmakers in Idaho will consider two bills that should compel cash advance lenders via incentives to make sure they’re licensed before lending to Idaho residents.
These bills would invalidate unlicensed loans and allow Idaho’s [...]
Ohio HB 545 Can’t Kill Payday Loans: They Live!
Payday loans and the Small Loan Act
Jim Siegel of The Columbus Dispatch reports that the Ohio Department of Commerce will not regulate payday loans into oblivion. Great, but they’re on the verge of being taken away from the public as is, thanks to House Bill 545. It capped annual interest [...]
UPDATE: South Carolina Payday Loan Bill Passes House
The South Carolina House gets it
Your payday loan news source has been keeping an eye on the South Carolina legislature lately as it relates to short-term consumer lending. From the time that legislation was introduced to when it reached the House for a vote, we’ve been watching. House Speaker pro [...]
AZ Politicians Cry Fairness, Payday Loans Call Their Bluff
Politicians anything but fair with payday loans
Payday loans remain an issue in Arizona. Consumers want them, politicians who represent themselves and their squeaky wheel interest groups ahead of average constituents want them out. This legislation wastes taxpayer time over how payday loan and other legislation can make the ballot.
Daniel Scarpinato [...]
House Considers a Payday Loan… Law (or Nine)
House party for the payday loan
Recently, a package of payday loan legislative proposals was heard by the House Financial Institutions & Insurance Committee. According to blogger House Democrats, these Department of Financial Institutions-regulated short-term loans have spawned a host of potential new bills. House Democrats is nice enough to provide [...]
UPDATE: South Carolina Payday Loan Bill at House Floor
A payday loan in South Carolina sounds fine
South Carolina’s The State newspaper reports that recently introduced payday loan legislation has made it to the state House for debate. Changes were not recommended beforehand, which is a positive sign for payday loan supporters.
To recap, the bill would limit consumers to no [...]
Payday Loans: Better Than Tax Refund Loans in Michigan
We’ve told you – a payday loan is better
For payday loan customers you know and those you just haven’t met yet, listen up. Now’s the time of year when people are thinking about their tax returns. Considering how difficult the economy has been lately, they’re also thinking about how [...]
South Carolina Bill Respects Payday Loans, Consumer
Payday loans are hot in South Carolina
Unlike neighbors North Carolina and Georgia, South Carolina is out to show that payday loans can work well for their economy. Legislation being introduced in Columbia will not cap rates at ridiculously low levels or otherwise ban the loans, but improve the consumer experience [...]
The News Made Me Want to Tear My Hair Out Over Payday Loans
Ante up!
With a national election just over a month away, the ante has been upped in the ways that candidates are bashing not just their opponents’ (lack of) credibility, but they as people. As a matter of fact, I haven’t been able to watch an hour’s worth of nightly news [...]
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