Felony penalties added to bill targeting illegal 'payday loans' (Ga)

[salin]

Felony penalties added to bill targeting illegal 'payday loans'

By RHONDA COOK
The Atlanta Journal-Constitution
Published on: 02/04/04

A House committee on Wednesday toughened a bill with felony penalties and possible racketeering charges to regulate the "payday loan" industry.

The changes could push such loans out of the state and wipe out one of the few ways for the working poor to meet expenses between paychecks.

"Oh, no," said Carolyn Lipscomb. The Decatur nurse said she would have to find other ways of getting cash for emergencies if these businesses are run out of the state.

more: http://www.ajc.com/metro/content/metro/atlanta/0204/05legpay.html

[liberalnurse]

1. I think these payday thing are nothing but

loan sharks. Low income people are exploited.

[shanti]

2. that may be true

but again, what recourse do the poor have??

[pw]

3. Whatever you do

Don't pay them enough so that they can actually live on what they earn.

Hmm. Payday loan companies would be driven out of the state if there were criminal penalties for engaging in fraudulent business practices and ripping off their customers. What's the missing piece of the puzzle?

[grasswire]

4. then put off this legislation until...

...legislation mandating a living wage is enacted. I've seen some of these people. If you had to choose between having your heat disconnected and taking a payday loan, which would you do?