This amendment allows, if a family does need to have a short-term advance, for a short-term advance, renewable six times. They can have six of them within a 1-year period of time. If at that point they cannot repay it, the institution has to give them a longer repayment schedule. We are not saying these loans cannot be given. But that recurring debt over and over and over again is what should be stopped by limiting it to six a year.
Kay Hagan: “This amendment allows, if a family does need to have a short-term advance, for a short-term advance, renewable six…”
On the recordMay 18, 2010
Editor's note · Context
The speaker is discussing an amendment related to short-term loans and debt limits for families.
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