Cap size: House OKs 36% payday loan limit.The next stop for a bill that would impose an annual interest rate cap of 36 percent on short-term consumer loans is the New Hampshire Senate The New Hampshire Senate has been meeting since 1784. It is the upper house of the New Hampshire General Court. It consists of 24 members representing Senate districts based on population. Currently, there are 14 Democrats and 10 Republicans in the Senate. , where the measure is one of the priorities of Senate President Sylvia Larsen Sylvia Larsen is a Democratic member of the New Hampshire Senate, representing the 15th District since 1994. External links
The House voted, 207-124, to approve the measure that has already attracted support from 14 of the 24 senators, who signed onto it. The measure also includes enhanced enforcement powers for banking regulators. "These lenders pretend to provide easy credit to low-income people, but in fact, what they do is trap people into cycles of debt, paying off loan after loan after loan," charged state Rep. Michael Marsh Michael Marsh and a co-anchor on WBRZ-TV's evening newscast. Michael Marsh is a New Orleans native and television news anchor on WBRZ-TV. He previously anchored the weekend newscasts and served as both a reporter and a weekend anchor on WBRZ from 1977 to 1982. , D-Greenland. But Rep. Marshall Quandt, R-Exeter, said cash-strapped citizens need the alternative. The industry issued 160,000 short-term loans in New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). for a total of $59 million in 2007. "We know the interest rates are high, whether we like it or not. Ladies and gentlemen, just do the numbers; there is a need. There is a need for this option," Quandt said. In a statement, Advance America CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Ken Compton said his firm is sell seeking a middle ground. "We hope to continue offering payday loans in New Hampshire. It is a product that customers are satisfied with and use responsibly, and we look forward to working with legislators to make that possible," Compton said. The cap would translate into $2.96 in interest per 5100 borrowed on a 30-day Me loan and 51.38 per $100--about 10 cents a day--on a 5100 payday loan for 14 days. Compton said 5138 per 5100 borrowed wouldn't be enough to cover staffing, rent, electricity and other basic business expenses. Rep. David Smith, D-Nashua, sponsored the rate cap bill that won the support of Attorney General Kelly Ayotte's office, Banking Commissioner Peter Hildreth, New Hampshire Welfare Administrators Association and interest groups such as NH Legal Assistance and state chapter of the American Association of Retired Persons American Association of Retired Persons: see AARP. . Gov. John Lynch For other persons named John Lynch, see John Lynch (disambiguation). John H. Lynch (born November 25 1952, Waltham, Massachusetts) is the current Governor of New Hampshire. has not publicly taken a position on the measure. |
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