Senator Lowell Barron
“The consumers being picked on here are the poorest, low-income people… I’ve been in the banking and finance business for 25 years and I realize there are people with limited credit who have few places to turn, but there is no reason why anyone should exploit people with a short-term cash problem.”
Senator Lowell Barron, who used to own payday loan businesses, now wants to put more restrictions on payday lenders if he is re-elected…
Barron said the payday loan industry is needed but that the abusive situation of turning short-term loans into long-term loans needed to stop.
A consumer advocate called the planned restrictions a good “first step” but an industry spokesman took offense at the notion that payday lenders only serve the poorest people. He said the statement mischaracterized payday loan customers who work and have checking accounts.
Barron’s opponent, Senate candidate Don Stout, questioned the senator’s sincerity:
“If he’s had a Damascus Road experience, maybe he ought to check and see how many people he’s victimized and give the money back.”
Senator Lowell Barron owns a finance company and was co-owner of 21 payday loan businesses until he sold out to his partner in February, 2006.
Source: Senator Who Had Payday Loan Firms Seeks Changes in Industry by Phillip Rawls (Associated Press)
Recent Posts:
- 05/05/2009: CompareCashLoans.com Gets a Facelift
- 06/16/2008: Demographic Study of Online Payday Loan Consumers
- 05/26/2008: Daniel O’Sullivan
- 04/24/2008: Update: Payday Loan Laws that Hurt Consumers
- 04/07/2008: Manitoba Public Utilities Board
Random Posts:
- 08/01/2006: Only Apply When You Qualify
- 11/10/2007: Gail Meyers
- 09/27/2006: Rhode Island Department of Business Regulation
- 08/30/2006: Warren Bolton
- 12/27/2006: Circuit Judge Elizabeth Maass