Oh, this was fun. Larry Harvey of Consumer Financial Services of Oregon - the trade association for Oregon Payday Lenders - just testified and said that last year's Payday Loan Reform Act will put them out of business so they won't be around to deal with the impacts of HB 2871.
Sure....um, not. We were talking to Jonas Monast from Center for Responsible Lending about this. He's here fro North Carolina to give a national perspective on the issue. He says the lenders always say this...they cry wolf and claim that any regulation will put them out of busienss...and then they keep on going and keep on charging their ridiculous interest rates.
And we'd also like to point out that Advance America, the largest payday loan company in the country, had record profis last quarter at the same time states are reinstating usury caps in response to their legal loan sharking.
We're just saying.
Up next, Elisabeth Hagens, a veteran who will point out that military families are targeted by predatory lenders adn Congress has passed a cap for active military members, but not non-active. We have a copy of the testimony and we'll post it.
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