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At a time of historically low interest rates, state lawmakers gave final approval last night to legislation that ramps up the cost of consumer finance loans.

Meanwhile, consumer advocates are calling on Governor McCrory — who once made his oppostion to predatory “payday” loans a major plank in a mayoral reelection campaign in Charlotte  – to veto the legislation. This was released earlier today:

AARP Calls on Governor to Reject Rate Hike for Consumer Loans, Senate Bill 489 Senate Bill 489 will increase rates and fees on consumer finance loans 

RALEIGH –  On Monday night the Senate voted to concur with the House’s amendments to Senate Bill 489.  The bill now goes to the Governor’s office for his consideration.

“We are calling on the Governor to reject Senate Bill 489,” said AARP NC Director Doug Dickerson. “This legislation is going to hurt seniors and other consumers that use these loans by increasing interest rates and adding new fees.” Read More

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Payday lending 3It remains difficult to fathom that the leaders in the General Assembly would really want to open the can of worms that is payday lending, but, as we have reported on several occasions here recently, powerful state Senators are indeed advancing a bill to re-legalize the long-banned practice here in North Carolina.

Meanwhile, opposition to the idea continues to surface and grow in numerous places. Here are just a few:

Yesterday, the North Carolina Council of Churches devoted the newest issue of its Raleigh Report to a description of the evils of two-week, triple-digit interest rate loans.

This morning, Read More