Mark Hinton 2-22-18 Weekly Radio Address Podcast

Mark Hinton 2-22-18 Weekly Radio Address Podcast

Mark Hinton delivers the weeks weekly radio address podcast:

If consumers are short on cash and credit with nowhere else to turn, isn’t allowing interest rates of up to 222 percent just taking advantage of them in a time of need?

TRANSCRIPT:

Under current Indiana law payday loan rates higher than 72 percent are considered as felony and loansharking.

On Wednesday, January 31st, Indiana House Representatives scrapped up enough votes to pass House Bill 1319. A bill put in place to allow storefront lenders to offer individual’s three to twelve month loans of $605 to $1,5000 with annual percentage rates going up to 222 percent.

House speaker Brian Bosma’s decision to vote was the game changer that allowed this legislation to pass in the House. Now this bill has moved onto the Senate.

Ironically the bill being passed in the Indiana House comes after intense lobbying by payday lenders. Two hired lobbying firms including former Republican lawmakers who were friends with Bosma, which is interesting considering that Bosma typically does not vote on legislation.

Payday loan lenders argue that their loans will help consumers sort on cash and credit who have nowhere else to turn. However, their argument is self-motivated. If consumers are short on cash and credit with nowhere else to turn, isn’t allowing interest rates of up to 222 percent just taking advantage of them in a time of need?

In the past when bills like this one tried to be passed they didn’t pass, but the payday loan industry has built up their lobbying power leading up to this moment. As a community of Hoosiers we should lift each other up and help each other in our times of need. A bill like House Bill 1319 can only hurt Hoosiers in need and creates monstrous profits for the payday loan lenders.

About author

You might also like

Indiana 0 Comments

Indiana cancels contract with NY public relations agency

Indiana Gov, Mike Pence formally announces his reelection campaign in Indianapolis, Thursday, June 18, 2015. Pence, whose status as a national … …read more Via: <a href=https://www.google.com/url?rct=j&sa=t&url=http://wane.com/2015/07/02/indiana-cancels-contract-with-ny-public-relations-agency/&ct=ga&cd=CAIyHDhiYzc1MzQ5ZWY1Yjc4MmE6Y29tOmVuOlVTOlI&usg=AFQjCNEzzgFOCfUMiPXcdw5gdGYUsNCfAw class="colorbox" title="Indiana cancels

Tallian: This is a slap in the face to workers

On Wednesday, Statehouse Republicans rejected House Bill (HB) 1332, the final opportunity to increase workers’ compensation benefits this session. State Senator Karen Tallian (D-Ogden Dunes) had amended HB 1332 to

#INGOV 0 Comments

Mike Could’ve Been Speaker, May Have To Settle for One-Term Governor

Speaker Boehner’s decision to step down as Speaker and the subsequent cluster-f*ck that is now taking place as the tea party crazies try to take over has to be leaving