Olympia, Washington, Washington state house of representatives committee listened to on Wednesday on a bill that would allow a new payday loan industry to drive down the dollar, high-interest loans.
The measure heard that business and in the house of representatives financial services committee on Wednesday will be allowed to reach 1500 yuan, must pay off the loan within one year. Time to pay off the loan, the borrower will pay more than 100% of the principal, interest and costs.
Committee chairman and supporters of the bill, rep. Steve kirby said, this will help in financial fruit sauce repay cash payday loans no as soon as possible. He acknowledged that the clause is not the borrower.
"I'm not going to sit here and tell you, this is a cheap low interest rate loans, said:" kobe, D - tacoma. "No."
Kirby said, it is likely to be the bill will be sent to you by his team, but he hopes to win more Democrats, ahead.
Bill passed last month the senate version, kirby committee, but the previous version includes more consumer protection measures. Reduce the length of the loan from 18 months to 12 months, a man can take it out in 12% of the loan limit, and banned military membership.
Rates and fees is the same, but in the senate version. They include interest of 36% per year, a monthly fee of 7.5% of the full loan amount, the cap of $90, a month upfront fee of 15% of the loan, the most is half refund, if it is to pay early.
Opponents of the bill, said new loans will reach 2009, the national laws, bridle payday loan practices ultimately run free. According to the law, payday lenders can borrow $700 only, and must pay within 45 days of the loan.
Opponents say, there should be more opportunities for the poor access to credit, but should be a reasonable price.
"If it's too dangerous military, why isn't it too dangerous to Washington?" Olympia near-earth asteroids, Columbia law lawyer says Bruce.
Measures, supporters say these loans is a better short-term trading than payday loans to borrowers, they will be in a real company, Washington compete online lenders, they say, to gain more market share.
, CEO Dennis Bassford Moneytree company is based in Seattle, payday lenders, and help to push the bill check cashier said that his opponent is tend to oppose his inheritance.
"There are some groups, rather than the general loan industry," he said. "I think, they become blind", even when offered a very good product.
Bassford did not win the skeptical, but.
"Who needs this product, it is from consumer outcry?" Asked Peter zimmermann, based in Seattle, advocates for the poor service. "I don't think so."
 



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