payday lending

House Finance Committee Holds Hearing on Payday Lending

Ian Donnis — Thu, 16 May 2013 11:28:31 +0000

The outlook for cutting the interest rate charged by payday lenders remains unclear after the House Finance Committee Wednesday voted to hold two related bills for further study. Supporters and opponents describe the issue in completely different ways.

Payday Loans and Straight-Ticket Voting Under Scrutiny

Ian Donnis — Tue, 02 Apr 2013 12:33:20 +0000

Two bills getting a lot of attention this legislative session will go under the microscope at committee hearings Tuesday. Lawmakers will be discussing legislation abolishing straight-ticket voting and restricting payday lenders.

Moderate Party founder Ken Block is leading an effort to do away with straight ticket voting, a practice also known as using the master lever. Block says the master lever sows confusion and gives an advantage to the ruling Democrats in the General Assembly.

Rally Held for Changing Payday Lending in RI

John Bender — Wed, 27 Mar 2013 22:05:25 +0000

Supporters of Payday Lending Reform held a rally at the State House this afternoon.

The legislation would cap the annual interest rate of Payday Loans at 36 percent. Similar legislation has come before the State House for the past three years only to be defeated.

Margaux Morisseau, the co-chair of the Rhode Island Payday Reform Coalition, believes this year is different.

Supporters Plan to Rally for Payday Loan Reform

Ian Donnis — Wed, 27 Mar 2013 12:41:34 +0000

The debate over payday lending is set to begin anew with a Statehouse rally Wednesday afternoon. Efforts to reduce the annual interest charged by payday lenders have died on Smith Hill for the last two years.

The mayors of Warwick, Cranston, Central Falls and Woonsocket are expected to take part in the rally being staged by the Rhode Island Payday Lending Reform Coalition.

Pay day loans are capped at $500, and are supposed to be paid back within two weeks. The annual interest rate on those loans can amount to 260 percent.

TGIF: 10 things to know about RI politics + media

Ian Donnis — Fri, 01 Feb 2013 21:09:04 +0000

Welcome back to my Friday column. As always your tips and thoughts are weclome at idonnis (at) ripr (dot) org. Let's get to it.

Pew report contradicts Speaker Fox's view on payday loans

Ian Donnis — Thu, 10 Jan 2013 20:30:36 +0000

A report by the Pew Charitable Trusts contradicts House Speaker Gordon Fox's view that clamping down on payday loans would push desperate borrowers to worse alternatives.

During an interview broadcast Thursday on RIPR, Fox called payday loans "a valid tool" for people without other places to turn for money.

Fox calls jobs and same-sex marriage his top priorities for 2013

Ian Donnis — Thu, 10 Jan 2013 15:27:12 +0000

House Speaker Gordon Fox sat down this week with RIPR political reporter Ian Donnis to discuss his legislative priorities for 2013 and other issues, including payday lending.

Fox calls payday loans "a valid tool" for people with nowhere else to go

Ian Donnis — Wed, 09 Jan 2013 20:20:17 +0000

House Speaker Gordon Fox is defending high-interest payday loans as a useful tool for borrowers who might otherwise face even worse alternatives.