Lawmakers Took Payday Cash, Asked Few Concerns

Lawmakers Took Payday Cash, Asked Few Concerns

The payday financing lobby contributed thousands and thousands of bucks to Tennessee lawmakers due to the fact industry forced for an innovative new types of loan when you look at the state, NewsChannel 5 Investigates discovered.

The versatile Credit Act created flex loans and legalized their 279% apr. It sailed through the typical Assembly in 2014, moving unanimously within the continuing state Senate in accordance with bipartisan help in the home.

But our investigation found that few lawmakers questioned the latest item or perhaps the interest rate that is high.

Rep. Mike Stewart, D-Nashville, ended up being among the only lawmakers to publicly enquire about information on the bill.

„Do we now have any concept even as we’re moving this bill today, which can be producing a completely brand new product that is financial just what it is going to price the typical man in the road?” Stewart asked from the home flooring in 2014. […]

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