Rhode Island Payday Lending Reformers Call Foul

July 10, 2013
GoLocalProv.com (RI) 
payday lending news

In Rhode Island, payday lending reform supporters clashed with House leaders on what is being termed a "false compromise" regarding legislation to reduce interest rates on the short-term loans. Although Margaux Morriseau of the Coalition for Payday Lending Reform says a compromise was reached with House policy staff, the proposed legislation was never added to the calendar. However, Larry Berman, spokesman for Speaker Gordon Fox, says there was no deal. "If a compromise had been reached, Speaker Fox would have gladly put forth an amended bill for House members to consider," he says. "Since no compromise was able to be attained, it is Speaker Fox's position that there will continue to be discussions among all parties in the next session." The bill in question would have lowered interest rates on short-time loans from 260 percent to 36 percent. Such legislation has been proposed for three consecutive years, and each year, the bills have failed to move out of committee.
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