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March 2007

Industry preys on Alabamians

March 19, 2007 - Montgomery, Alabama

Starting later this year, payday lenders who prey on the working poor in Alabama, charging unconscionable interest rates of 450 percent or more, won't be able to do so for those Alabamians who serve in the military.

Payday lenders hope to return in Georgia

March 18, 2007 - Atlanta, Georgia

When the Georgia General Assembly opened for business in January, representatives of the payday lending industry walked in the Capitol's door, eager for another battle. For the industry that extends a few hundred bucks until a worker's next payday, the return to Georgia was a bold move. Three years earlier, lawmakers handed the high-interest lenders one of their worst defeats ever by passing a bill that shut down every payday lending outfit in the state.

Payday lenders, state reach deal on curbing fees

March 18, 2007 - Phoenix, Arizona

The state's payday lenders have agreed to sharp new curbs on their practices and fees in exchange for ensuring they are not forced out of business in three years.

Boost or burden? Proposed law to control payday lending

March 18, 2007 - Concord, New Hampshire

Negative perceptions about payday loans really aggravate Megan Tracy, a 42-year-old Concord woman who lives on a month in Social Security and disability benefits.

House, Senate lawmakers agree on payday loan restrictions

March 16, 2007 - Santa Fe, New Mexico

A compromise bill to impose new regulations on the payday loan industry passed the Senate in a 37-5 vote Thursday and will now go to Gov. Bill Richardson, whose office helped broker the deal.

Payday loan regulation bill passes Senate

March 16, 2007 - Santa Fe, New Mexico

A compromise bill regulating payday lenders has cleared the Legislature and is now awaiting the signature of Gov. Bill Richardson so it can become law.

Payday lenders to reform policies

March 15, 2007 - San Francisco, California

The reforms aimed at African-American and Latino borrowers seeks to educate customers about the use of payday loans, voluntarily limits advertising and offers a once-a-year break to borrowers who don't pay back loans quickly.

Payday loan companies agree to cease lawful debt collection in West Virginia

March 14, 2007 - Charleston, West Virginia

West Virginia Attorney General Darrell McGraw announced a settlement agreement with four affiliates of the nation's largest payday lender, Advance America, Cash Advance Centers, Inc. ('Advance America') of Spartansburg, South Carolina. The companies agreed to cease engaging in certain debt collection practices that concerned McGraw's office.

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December 10 - Podcast interviewee invitation.
Podcasts Podcasts page.
Interview with David Farias - Founder, FYGO.com
Payday loan opponents caution people against taking payday loans. We interviewed David to better understand the practice and viability of an emerging source for loans: The Internet social lending network.

Interview with Pete Kowenhoven - Special Agent, FBI
Interview with Dr. Tom Lehman - Author of 'In Defense of Payday Lending'
Interview with Bill McCloskey - Email Data Source President and CEO
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