Tilton and other lobbyists for the avaricious payday lending “industry” will be handsomely rewarded. The bill to curb their usurious practices got precisely one vote in Senate committee today — Jim Argue’s.
The $2,500 put into the campaign coffers of committee members was, you can see, a tiny investment to preserve a multi-million-dollar pox on working people.
Have you been noticing the check cashers’ slimy advertising push recently? How they would never encourage a borrower to abuse short-term credit? Right. The whole system relies on people perpetually re-upping loans and running up huge debts at interest rates of 300 percent and more.
PS — Sens. Jack Critcher and Terry Smith weren’t present for the meeting. Barbara Horn seconded Jim Argue’s do-pass motion, but in the vote, only Argue was heard to vote for the bill. There will be a second run.