Our state's Republican legislature never disappoints when it comes to creating more and more bad legislation.
The newest stinkeroo is House Bill 810. It has already made it out of the House Banking Committee and is headed for the Senate. Ostensibly it is an amendment to the Consumer Finance Act. What it really amounts to is a giveaway to predatory payday lenders.
It increases the maximum amount these businesses can loan; it allows them to refinance loans every 90 days, increase interest charged on loans and add new fees. What it will do is put the state's working poor on a continuous treadmill of debt.
According to responsiblelending.org, military officials within the state, the Office of the Attorney General and the N.C. Commissioner of Banks have all spoken against it. But the fact-free state GOP is moving ahead with the bill anyway.
And if you like this bill, wait until you see the one that allows credit-card companies to garnish your paycheck when you're past due. I wish I was making this stuff up, but I'm not. We need a recall!
— Jeff Israel