NAACP Chairman Julian Bond joined up with religious teams, customer groups along with other civil legal rights leaders contacting Gov.
Edward Rendell to avoid supporting a bill into the Pennsylvania House of Representatives that will enable 400 % yearly rates of interest on pay day loans.
вЂњPayday loan providers victimize poor and class that is working, a disproportionate amount of who are African-American, literally stealing money from their victims,вЂќ Bond in a page to Gov. Rendell. Mr. Bond stated HB 1478 would additionally let payday lenders trap borrowers in a period of debt until theyвЂ™ve compensated many times in interest whatever they originally borrowed.
Mr. Bond additionally the other leaders urge Gov. Rendell to alternatively assist pass Senate Bill 101, which may force lenders that are payday either comply with Pennsylvania customer security legislation or keep their state. Payday financing just isn’t authorized in Pennsylvania, but payday loan providers have already been making your way around the attention rate limit of 26 % by claiming their partnerships with federally-chartered, out-of-state banks exempt them from Pennsylvania legislation.
Supporting SB 101, Bond claims, will show the governor actually supports banning lending that is payday Pennsylvania, as he has said in past times. (See вЂњI support ban on payday lending,вЂќ the governorвЂ™s page to your editor for the Philadelphia Inquirer, December 22, 2005.)
the town of Philadelphia recently passed an answer supporting SB 101. вЂњIвЂ™m pleased to see this course of action being taken,вЂќ City Councilwoman Marian Tasco stated. Continuer la lecture de NAACP Chairman Julian Bond Joins Group Urging Pennsylvania Governor to Ban Payday Lending