May 6, 2008
Another setback for predatory “payday” lenders
For those of you looking to think about something other than the election, there's good news from the state Court of Appeals. This morning, a unanimous three judge panel ruled for consumers and against the payday lending industry in a long running case that seeks the return of the usurious fees collected by five major payday firms in North Carolina during the early part of this decade.
As is so often the case with these types of consumer rights cases, the lenders are attempting to evade responsibility by claiming that so-called "mandatory arbitration" clauses in the fine print of the loan contracts bar consumers from bringing class actions to vindicate their rights.
Happily, a recent state Supreme Court ruling determined that such clauses are unconscionable under certain circumstances. In light of that decision, the Court of Appeals sent the payday case back down to the trial judge to revisit the matter (he had previously denied letting class actions proceed). This is a big win for consumer rights in North Carolina.
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10 Comments Add yours »
This isn’t a setback for predatory lenders.
It is a step forward for North Carolina.
All I want to know is, if NC Dept of Justice wins this class action law suit on behalf of all the consumers, can I get my cut. I was stuck in that mess for about 2 years solid and paid over $1200 in fees for a $255 loan.
Maybe he NC Dept of Justice or the Banking Commission will go a step further to ban Refund Anticipation Loans offered by tax preparation businesses.
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Being misinformed can lead to disastrous results especially if you are making crucial decisions based on skewed facts and false information. The advantages and disadvantages of payday loans are often misconstrued. Many politicians across the United States are making an effort to pass legislation that would limit or completely abolish your ability to get a payday loan. Sad to say, the anti-payday loan legislation has been passed in some states, and there are many states that are beginning to follow suit. These new laws are foolishly based on the supposition that payday loan companies utilize the same poor ethical standards as predatory lenders and illegal loan sharks. Your financial independence relies on the knowledge of the American people. So don’t be misinformed on the facts and don’t let your friends and family be misinformed either; share what you know about the advantages of the payday loan industry.
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On Sunday night, the CW Network ran the pilot episode of a new comedy/drama from the creators of The Sopranos. The new show, called Easy Money, airs on Sunday nights at 9 pm and is about a family who owns and operates a “high-interest loan” business called Prestige Payday Loans. It’s nice to see shows being produced that show misunderstood cultures or lifestyles; as long as it represents those in the show in an unbiased way, i.e. not like Fox News. However, by taking one look at the trailers for the new show, as well as a few of the episode synopses, I can start to see that the premise for the show might be based exclusively on nasty media stereotypes. With this in mind, think of the last time that you viewed a news story either online or on the TV talking about the payday loan industry. Most likely, the story you saw or read told tales of “real” peoples’ problems fueled by their getting caught down in an “endless cycle of debt.” The worst part is that according to such “articles,” the problem started when they needed to borrow money to fix their car or pick up the tab on another unforeseen bill. Such stories provide further evidence that for the sake of getting higher ratings, news networks will latch on to and report only the juiciest, most scandalous aspects of whatever they can exploit for the moment and completely ignore everything else. It seems as if the CW network is following this proven way of getting good ratings in an effort to recover viewers lost during the Writer’s Strike. One tagline, for instance, opens, “for this family of loan sharks, money is easy.” Surely, it’ll be interesting to see whether or not the CW or the show’s creators learned how the industry really operates. Chances are, probably not. But it wouldn’t get good ratings if they did.
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Like many Americans who make up that growing class of “disillusioned” voters, I watched the latest “town hall”-style TV debate between Barack Obama and John McCain with my expectations held firmly in check. No matter how many direct questions you ask a politician, regardless of their party affiliation, the answers you receive will resemble generalized sound bites. The New York Times described it as “90 minutes of forced cordiality,” and I must agree. While the exchange was “mercifully free” of personal attacks (according to the Boston Globe), the result was that it was free of much of the tension that makes for compelling television. McCain continued to trumpet experience, his “stay the course” stance on Iraq (seriously, he could have been G.H. Bush’s understudy) and his oil drilling policies. Obama continued to criticize Republican policies that he claims have led America into its current recession. If all were based upon the candidates’ performance here, we’d have no idea exactly how either of them would work to avert pending economic catastrophe. A coherent economic proposal is what America needs. Obama’s stance on “predatory lending” – effectively sanctioning payday advance lenders – is not a coherent solution to the real economic problems we face. That’s just a juicy steak to feed the banking and credit union dogs.
Every Presidential debate in the era of television is quite the news item. Many Americans watch in order to gauge which candidate is going to pursue policies that they feel are best, in order to find out who it is they think they should vote for. Many voters today in America are becoming or have become disillusioned with our leaders and the political process, and so watch things like the debates with limited expectations, knowing that direct questions will most likely not be answered, and will sound like sound bites. The major newspapers, such as the New York Times and the Boston Globe, hailed the debate as having “forced cordiality” and being “mercifully free” of personal attacks, and that was very true; neither candidate resorted too much to character assassination. McCain continued with “staying the course” and pursuing domestic drilling policies. (Hmmm….I wonder just who he was listening to on that one.) Obama was still criticizing Republican policies which he says got us into this mess of a recession in the first place. If the election were based on the performances on the debate , there’d be no clear way to say who it was that had won. America needs a clear proposal for action. Obama’s views on “predatory lending” which basically is sanctioning payday loan lenders is not a real solution. It’s basically an appeal to the banking lobby.
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After turning himself in to authorities, 20 year old David Kernell, son of Democratic Representative of Tennessee, Mike Kernell, is facing five years in prison, a $250,000 fine and three years of supervised release. He will be charged for hacking into GOP VP candidate Sarah Palin’s personal E-mail account. It is alleged that after reading the contents, he took a screen shot and posted it on a public Web site. The contents included email addresses, pictures, birthdays, and phone numbers of family members and more. To top it off, after resetting the password, he also posted the new one he had created, which allowed others to access the E-mail account themselves. Nonetheless, Kernell pleaded not guilty to the charges. Facing a $250,000 fine is intense. At $1,500 per loan, it would take about 167 individual payday loans to cover that outrageous expense.
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Election Day 2008 was an historic moment. People hopes for a better nation. Those who participated should applaud themselves accordingly, regardless of whom they voted for. The consensus has been that America has voted for change by selecting Democratic candidate Barack Obama as the 44th President of the United States, though whether that change will be for better or worse remains to be seen. He has made many promises, such as lowering the tax burden on the middle class, putting a timetable on withdrawing from Iraq, and a line by line trimming of the federal budget. Thinking that people could help by implementing those policies. He also has pledged his support in ridding America of its freedom of financial choice, by putting greater restrictions on payday loan lending. He thinks that it will minimize predatory lending towards lower income families and minorities. He doesn’t think it drives all of us right towards the banks and credit companies that helped to create so much of the economic crisis that we’re in already. Obama ridding us of payday loan lending only compromises our financial freedom. He may bring America some, or maybe most, or all, of what it needs, but creating a banks’ monopoly is not what we need now. Knowing that we are in the democratic governance there is something wrong with this.
Click to read more on Payday Loans
http://personalmoneystore.com/moneyblog/what-are-payday-loans-2/