Bernie Harrington
“This is great sound-bite legislation… House Bill 29 would not allow this industry to survive in the state of Montana. It’s a prohibition bill.”
Payday lender trade group president Bernie Harrington believes that Bill 29, which seeks to cap payday loan interest rates at 36% APR, would kill his industry…
According to an article by Chelsi Moy, the proposed Bill 29 would:
- cap the interest rate on payday loans at 36% APR in Montana
- ensure consumers can only take out one loan out at a time
- cap loan amounts at $300 or 25% percent of a borrower’s net income (whichever is less)
Harrington said that the politicians who are backing the legislation are out of touch with borrowers who depend on deferred deposit loans:
“I don’t think the backers really understand the consumers they think they are trying to protect.”
Bernie Harrington is president of Montana Financial Service Centers Association, a payday lender trade group.
Source: State Officials Push for More ‘Payday’ Loan Regulation, but Industry Protests by Chelsi Moy (Great Falls Tribune)
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