Thursday, June 23, 2005

Well, that answers that

In answer to my question "Is legalized usory really what PA needs?" the State House apparently says yes.
The State House of Representatives has approved a bill legalizing the practice of short-term "payday lending" at interest rates over 400 percent, after stripping away at what its sponsor said was a key consumer protection.
The measure will go to the State Senate next. It's not entirely clear where Gov. Rendell stands on this issue -- the quote given here was "Gov. Rendell, who favored the original bill, promised a veto it if it reaches him in its current form." In what form would this bill not be about legalizing financial predation? hmmm...


Anonymous Anonymous said...

This was a win for PA. The bill, as it stands now, will be vetoed by the Governor.

Basically, there was an awful bill that consumer groups hated, but that the main Payday lobbyists liked. Now that the bill has been made even worse, Rendell will vetoe it, and PA will not be legalizing loan sharking.

10:57 AM  
Blogger ACM said...

Yeah, somehow, just as I hit "Post," I thought, making the bill worse probably gave Rendell the cover that he needed to axe the measure. As you say, the original bill was pretty bad too, but would have been harder to kill off.

Does the issue just come back again next year? who knows.

11:01 AM  
Anonymous Anonymous said...

But it's good - in my opionion - because it puts the Mayor's son in a bad light, hopefully throwing some water on his burning desire to serve the public as an elected official.

2:57 PM  

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