Payday Loan Reform News – October 2


Guest opinion: Montana's payday lending law at risk in Congress
September 29, Billings Gazette
Payday loans continue to ensnare their communities in cycles of debt with false promises of fast cash. The Consumer Financial Protection Bureau has been reining in these loans when they break the law and is planning to release further protections for borrowers of these loans, which are designed to catch people in a debt trap.

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Editorial: Payday Loans still a trap for Ohioans
September 30, The Lima News
The payday loan industry has continued to operate business as usual. In fact, interest rates on such loans in Ohio are the highest in the country — close to 600 percent, two to three times higher than neighboring states.

September 29, Daytona Times
Religious leaders Tuesday called on the Florida Constitution Revision Commission to move forward with a proposed constitutional amendment that would put a 30 percent annual interest-rate cap on “payday” loans.
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Main Line payday lending pioneer faces trial on racketeering charges
September 26, The Philadelphia Inquirer
Charles Hallinan faces the biggest threat yet to his future and that of the multibillion-dollar industry he helped to create — a racketeering trial that could send him to prison and label the widely copied business practices he pioneered as violations of federal law.
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South Dakota forgives payday lending debt with ruling on Dollar Loan Center
September 26, Argus Leader
The state Division of Banking may have forgiven every Dollar Loan Center debt in South Dakota by revoking the company’s license, the company’s lawyer said Monday.