Political Quotes

“today I am here to introduce the Payday Borrower Protection Act of 1999. Payday loan companies are springing up all over the country. Payday loan companies are cannibalistic. They are akin to loansharking. These companies provide short-term loans with minimum credit checks to consumers who are in desperate need of cash. The interest on these loans are unconscionably high, usually running from 261 percent to 913 percent annually. It is not uncommon for a consumer to have borrowed, say, $100 and within a year to be forced to repay $900 to a payday loan company. My bill regulates and imposes some rational criteria on these loans. My bill caps annual interest fees at 36 percent and prohibits any payday lender from refinancing or rolling over any loans. My bill also sets a minimum national standard for State payday loan laws. I encourage my colleagues on both sides of the aisle to support the Payday Borrower Protection Act of 1999.”