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…