NAACP Chairman Julian Bond Joins Group Urging Pennsylvania Governor to Ban Payday Lending

NAACP Chairman Julian Bond Joins Group Urging Pennsylvania Governor to Ban Payday Lending

NAACP Chairman Julian Bond joined up with spiritual teams, customer teams along with other civil legal rights leaders contacting Gov.

Edward Rendell to end supporting a bill within the Pennsylvania House of Representatives that could enable 400 per cent yearly rates of interest on pay day loans.

“Payday loan providers victimize poor and working course families, a disproportionate range who are African-American, literally stealing money from their victims,” Bond in a page to Gov. Rendell. Mr. Bond stated HB 1478 would also let payday lenders borrowers that are trap a period of debt until they’ve compensated many times in interest whatever they originally borrowed.

Mr. Bond as well as the other leaders urge Gov. Rendell to alternatively assist pass Senate Bill 101, which will force lenders that are payday either comply with Pennsylvania customer security law or keep their state. Payday financing just isn’t authorized in Pennsylvania, but payday loan providers are navigating around the attention price limit of 26 % by claiming their partnerships with federally-chartered, out-of-state banks exempt them from Pennsylvania legislation.

Supporting SB 101, Bond states, will show the governor really supports banning payday financing in Pennsylvania, as he has said within the past. (See “I support ban on payday lending,” the governor’s page to your editor for the Philadelphia Inquirer, 22, 2005 december.)

the town of Philadelphia recently passed an answer SB that is supporting 101. “I’m pleased to see this course of action being taken,” City Councilwoman Marian Tasco said. “This is an endeavor to safeguard the residents of Philadelphia and Pennsylvania.”

Brenda Fulk of Harrisburg might have benefited from strong enforcement against predatory lenders that are payday have now been running in Pennsylvania in defiance of state legislation. ادامه مطلب …