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Resolution to Preserve Intense Washington State Customer Protection Laws Associated With Pay Day Loans

Resolution to Preserve Intense Washington State Customer Protection Laws Associated With Pay Day Loans

WHEREAS Washington ranks saturated in studies on consumer defenses for customers on pay day loans; and

WHEREAS Washington’s payday lenders have forfeit three-quarters of these business into the 5 years since a hardcore state that is new restricting the high-cost loans marketed to bad families took impact; and

WHEREAS the industry, led by Seattle-based Moneytree, is lobbying state lawmakers to revamp what the law states. Lenders are supporting legislation – SB5899 and HB1922 -to expel conventional payday that is two-week and change these with “installment loans” that could stretch payment out for approximately per year; and

WHEREAS anti-poverty and consumer-advocacy teams are panning the legislation, arguing brand new costs would undermine the state’s 2009 reforms and ensnare a lot more people in a financial obligation trap. “You can’t say having a right face this will be great for customers,” said Bruce Neas, legal counsel for Columbia Legal Services; and

WHEREAS state Attorney General Bob Ferguson arrived on the scene from the proposition in a page to legislators, saying Washington’s payday-lending system includes crucial safeguards for customers “and doesn’t need to be overhauled.” and