Fake Payday Loan Reform

Missouri and Utah are among the states in which legislators are proposing fake payday loan reform, per “States’ Attempts To Reform Payday Lending Are Often Just Smoke & Mirrors.”

Here’s an excerpt:

Sen. Mike Cunningham, who sponsored the Missouri bill . . . says it will protect consumers from some of the practices payday lenders have utilized for so long. Missouri’s proposed reform comes less than two years after a group called Missourians for Equal Credit Opportunity helped put an end to a ballot initiative that would have allowed Missouri residents to vote for or against capping the state’s interest rate at 36%. The current proposed bill does not feature any kind of rate cap, meaning interest for a typical two-week payday loan can balloon to more than 1,000%.

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Erich Vieth

Erich Vieth is an attorney focusing on civil rights (including First Amendment), consumer law litigation and appellate practice. At this website often writes about censorship, corporate news media corruption and cognitive science. He is also a working musician, artist and a writer, having founded Dangerous Intersection in 2006. Erich lives in St. Louis, Missouri with his two daughters.

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