payday loans in arizona

Florida battles federal federal government legislation of payday advances, pushes very own law as 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 we found it was important to allow them to have that access,” Kendrick Meek, a former Democratic congressman from Miami, told The Washington Times if they don’t have credit, let alone good credit, and. “Our payday financing legislation in Florida was effective since it keeps use of small-dollar loans as well as protects the residents of Florida.

“A federal guideline preempting the Florida legislation will be a mistake that is big. If you see a law this is certainly being effective, and preventing customers from getting on their own into economic difficulty, if you have a thing that happens to be proven and it is working, it might be a huge blunder to ignore that,” he said.

Yet the CFPB appears intent on performing this.

In April, the whole Florida delegation inside the U.S. House of Representatives composed a page urging CFPB Director Richard Cordray to utilize Florida’s lending that is payday being a model for nationwide regulation. Continue reading