News
Payday Loans Bills Still Alive in Olympia
As the cut off approaches for bills to make it out of either the Senate or the House (this Thursday), bills that would regulate payday loans are still alive in both chambers.
This is noteworthy news because despite the heavy Democratic advantages in Olympia (regulating payday loans is a Democratic agenda item nationwide), previous bills to regulate payday loans went down in flames with similar Democratic numbers in '07 and '08.
In the Senate, Sen. Rosa Franklin (D-29, Tacoma-area) has a bill that would put a 30 percent interest rate cap on the infamous loans.
In the House, Rep. Sharon Nelson (D-34, West Seattle, Vashon) has a bill that would make lenders set up an installment plan—rather than rolling unpaid loans over into new excruciating terms.
Both bills are in their respective Rules committees—the last step before getting passed out for a floor vote.
This is noteworthy news because despite the heavy Democratic advantages in Olympia (regulating payday loans is a Democratic agenda item nationwide), previous bills to regulate payday loans went down in flames with similar Democratic numbers in '07 and '08.
In the Senate, Sen. Rosa Franklin (D-29, Tacoma-area) has a bill that would put a 30 percent interest rate cap on the infamous loans.
In the House, Rep. Sharon Nelson (D-34, West Seattle, Vashon) has a bill that would make lenders set up an installment plan—rather than rolling unpaid loans over into new excruciating terms.
Both bills are in their respective Rules committees—the last step before getting passed out for a floor vote.
