NAACP Chairman Julian Bond Joins Group Urging Pennsylvania Governor to Ban Payday Lending

NAACP Chairman Julian Bond Joins Group Urging Pennsylvania Governor to Ban Payday Lending

NAACP Chairman Julian Bond joined up with groups that are religious customer teams along with other civil legal rights leaders contacting Gov.

Edward Rendell to end supporting a bill when you look at the Pennsylvania House of Representatives that could enable 400 per cent yearly interest levels on pay day loans.

“Payday lenders victimize poor and working course families, a disproportionate quantity of who are African-American, literally stealing cash from their victims,” Bond in a page to Gov. Rendell. Mr. Bond stated HB 1478 would additionally let payday lenders trap borrowers in a period of debt until they’ve compensated many times in interest whatever they initially borrowed.

Mr. Bond and also the other leaders urge Gov. Rendell to rather help pass Senate Bill 101, which may force payday loan providers to either comply with Pennsylvania customer security legislation or keep their state. Payday financing isn’t authorized in Pennsylvania, but payday loan providers were making your way around the attention price limit of 26 % by claiming their partnerships with federally-chartered, out-of-state banks exempt them from Pennsylvania law.

Supporting SB 101, Bond states, will prove the governor actually supports banning lending that is payday Pennsylvania, while he has stated in past times. (See “I support ban on payday lending,” the governor’s letter towards the editor of this Philadelphia Inquirer, 22, 2005 december.)

the town of Philadelphia recently passed an answer supporting SB 101. Continue reading NAACP Chairman Julian Bond Joins Group Urging Pennsylvania Governor to Ban Payday Lending