Hood Opposes Payday Lending Bill

By: The Associated Press
By: The Associated Press

Mississippi Attorney General Jim Hood has joined at least 40 other states' legal officers in opposing legislation in Congress that could preempt states' authority in governing payday lending businesses.

Hood says the bill would allow payday lenders, installment lenders, car title lenders, prepaid card issuers and check cashers to obtain a federal charter and sidestep these more stringent state laws.

Lawmakers in 2011 allowed payday lenders to stay in business through 2015, while altering some of the practices, including repayment times and capped fees.

Hood says the federal proposal would allow lenders to extend credit if there is a reasonable basis for believing the consumers can repay the loans but without putting specific standards in place.

You must be logged in to post comments.

Password (case sensitive):
Remember Me:
WTOK-TV 815 23rd Ave Meridian, Ms. 39301 Phone: (601) 693-1441
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 173196621 - wtok.com/a?a=173196621
Gray Television, Inc.