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

Cooper continues winning streak against legislators; Judges grant TRO

In case you missed it earlier this evening, ...

Top Stories from NCPW

  • News
  • Commentary

With just a few hours left until the crossover deadline, the state of North Carolina’s environment i [...]

On Monday morning, there was only one way left to save the Court of Appeals and a few hours with whi [...]

The political compromise that repealed HB2 was enough for the NCAA and ACC, both of which have retur [...]

Conference comes a day after new report lauds benefits of same-day registration The new line-up for [...]

How many times do we have to say it? Well, it’s worth repeating – especially in the aftermath of rec [...]

As the national pundits weigh in on President Trump’s first 100 days in office and the General Assem [...]

How the General Assembly is spending “crossover week” and what it ought to be doing The last week of [...]

To casual observers, the recent controversy surrounding public school class-size mandates in grades [...]

Featured | Special Projects

Trump + North Carolina
In dozens of vitally important areas, policy decisions of the Trump administration are dramatically affecting and altering the lives of North Carolinians. This growing collection of stories summarizes and critiques many of the most important decisions and their impacts.
Read more


HB2 - The continuing controversy
Policy Watch’s comprehensive coverage of North Carolina’s sweeping anti-LGBT law.
Read more