Uncategorized

High-cost loan industry ally defeated

Pinpointing THE one thing that did in conservative Democratic state lawmaker Jim Crawford in yesterday’s election is tough given the long list of progressive causes the Granville County state rep has angered through the years.

But here’s one issue that was clearly a significant factor: Crawford’s longstanding opposition to tougher consumer protection laws in the predatory lending arena.

For several years, Crawford has been one of the high-cost loan industry’s “go to” friends on Jones Street. Last year, he joined with Republicans to help pass industry-drafted legislation that would jack up already exorbitant interest rates (currently already above 50% per year) on consumer loans made by storefront lenders. The bill is pending in the state Senate.

Now, it appears Crawford’s close relationship with high-cost moneylenders has finally come back to bite him. Crawford’s opponents apparently distributed thousands of copies of a mailer during the latter days of the campaign connecting the dots (accurately, it turns out) between Crawford and the sharks.

Going forward, it will be interesting to see if Crawford’s demise has an impact on any of his soon-to-be former colleagues.

One Comment


  1. Emily Morgan

    May 11, 2012 at 8:01 am

    Eliminating the loan opportunities for those that couldn’t get credit from banks, unions or other ‘mainstream’ lending sources – drive the borrowers underground where they will resort to borrowing from unlicensed lenders with large dogs and never ending payment options. People need to borrow money, if these lenders are banned or even capped people will have to use loan sharks (thugs who will impose real physical threat upon non-repayment of ‘cash’ loans). I for one think short term payday loans no fax through visible lending streams is fine as long as the repayments are clearly stipulated.

Check Also

Another editorial pleads with Burr, Tillis to end ideological attack on federal courts

As Clayton Henkel noted yesterday, the Winston-Salem Journal ...

Top Stories from NCPW

  • News
  • Commentary

Shortly after 10 o’clock yesterday morning, a federal jury in the hog nuisance case Gillis vs. Murph [...]

North Carolina state law would seem to provide just two options for Wayne County school leaders, clo [...]

Perhaps the sixth time is the charm? Rep. David Lewis (R-Harnett) unveiled another attempt Tuesday b [...]

As the UNC Board of Governors prepares to take up the fate of the Silent Sam Confederate monument Fr [...]

It’s long been understood by those who pay attention to public policy debates that the age-old conse [...]

The post The newest nuisance in the 9th: Election Fraud Scandal appeared first on NC Policy Watch. [...]

Earlier this week, the UNC-Chapel Hill Board of Trustees (BoT) began plans to erect a statue dedicat [...]

At some point, you would think the embarrassment factor would kick in for North Carolina Republican [...]