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Florida battles government legislation of pay day loans, pushes law that is own nationwide model

Florida battles government legislation of pay day loans, pushes law that is own nationwide model

A former Florida lawmaker who was instrumental in helping the Sunshine State pass one of toughest laws protecting consumers from predatory lending is warning that the federal proposal is too heavy-handed, strips states of their rights and deprives consumers of emergency lending options as the Consumer Financial Protection Bureau embarks on a rule-making process that payday lenders estimate will put 70 percent of their industry out of business.

“People need usage of small-dollar loans should they don’t possess credit, not to mention good credit, so we discovered it had been essential for them to have that access,” Kendrick Meek, an old Democratic congressman from Miami, told The Washington instances. “Our payday financing legislation in Florida happens to be successful since it maintains use of small-dollar loans and in addition protects the residents of Florida.

“A federal guideline preempting the Florida legislation would be a mistake that is big. Once you see a legislation this is certainly being effective, and preventing customers from getting on their own into monetary difficulty, if you have something which has been shown and it is working, it might be a huge error to ignore that,” he said. Mehr erfahren »