New Payday Loan Bill Introduced in WI Today
Date: Thu, 05/28/2009 - 16:29
While I understand the need for regulation, but they should focus more on the illegal lenders then the legal lenders, and tightening up the loop hole of "if you solicited them, then it's okay"
If they are illegal then make them illegal period.
I so hope that bill passes..it doesn't focus on the illegal ones
I so hope that bill passes..it doesn't focus on the illegal ones but at least they are trying to do something.
I was so excited when I saw that on the news last night :D Awww
I was so excited when I saw that on the news last night :D Awwwww poor Advance America was complaining about it, boohoo :lol: Now we need to get on them about the internet lenders!! Get out those letters to the DOJ to add the internet lenders to the bill. I am. I think they are getting tired of hearing from me :oops:
debt
how can ANY PDL be tired of hearing it. Those who are in desperate situations do what we have to do to get some help. PDL's SEEM like they're your friend, until something comes up and you can't pay them. They threaten people and act like jerks.
Good news but it still has to get past the lobbyists.... I like
Good news but it still has to get past the lobbyists.... I like how they say that "poor people" would no longer have access to quick cash. "We can't run a business unless we unfairly gouge people! Who better to rake through the coals than the poor?" :roll:
Quote: I so hope that bill passes..it doesn't focus on the ille
Quote:
I so hope that bill passes..it doesn't focus on the illegal ones but at least they are trying to do something. |
The problem with your argument is similar to what other have stated, it does noting to protect against illegal lenders. If and I hope that it is a big if, the bill were to pass, do you really think that they are going to revisit to do anything about illegal lenders? Look at Ohio! They have done nothing to stop them only continued going after the businesses that they have control over. Ask anyone in Ohio if they still get solicitations from online lenders? I would bet that the numbers have gone up 3,4,5 times in the last year. All that this type of legislation does is create a "feel good" law and then chums the water for the sharks on the internet to swim right in...
True. The illegal (especially the foreign) ones could care less
True. The illegal (especially the foreign) ones could care less about the law one way or another. HOWEVER, the law is a good start, it's better than just throwing your hands up. At least it gets people talking about it. Theft has been illegal for quite some time now (!) but there are still thieves. With that logic, is it a waste of time to have anti-theft measures in place? It's illegal to hack into a government website. People still try it. Does that mean it's a waste of time to have anti-hacking laws in place? And people *still* fall for the old Nigerian scam. Should we just give up and not try to stop it?
Of course I am exaggerating, but still, the laws are in place to give the victim a course of action to recover, rather than to stop all future occurrences (which is not possible).
Back to you with a true. The only problem that I see in your co
Back to you with a true. The only problem that I see in your comment is that there already are laws and regulations in place.
What do you mean? Legal lenders follow the regulations for the
What do you mean? Legal lenders follow the regulations for the states in which they loan.
In a small number, you are correct. As a whole, the legal lende
In a small number, you are correct. As a whole, the legal lenders (and employees) do abide by the laws and regulations of the state in which they operate. Also, remember that what the consumer sees as right or wrong is not always the same as what the State Regs says is right or wrong. True violations need to be reported to the state agency that oversees the industry.