Members of the Senate Commerce Committee approved a bill today that would jack up interest rates on small loans made in North Carolina to unprecedented levels. The bottom line on the bill: Already high-cost loans will become bigger, more expensive and harder to pay off.
The action came on a voice vote after several experts explained why the bill would be a disaster for already struggling consumers.
I know: No big surprise for the 2013 North Carolina General Assembly — a group whose motto ought to be “When corporate lobbyists say ‘jump,’ we say ‘how high?'”
Still, this morning’s hearing featured a moment of such blatant and downright stunning hypocrisy, it had to be witnessed to be believed.
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