S. 500, The Protecting Consumers from Unreasonable Credit Rates Act of 2009
- This item is from the 111th Congress (2009-2010) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
Revision History 
Below is the revision history of this article.
(Learn how to edit the WashingtonWatch.com wiki.)
(Latest | Earliest)
To look at a past version, click on its date. To compare any two versions, select their radio buttons and click on "Compare Selected Versions." To compare a past version with the current version, click on (cur). To compare a version with the preceding version, click on (last).
Cost per :
Learn More
RSS Feeds for This Bill
Keep yourself updated on user contributions and debates about this bill! (Learn more about RSS.)
Visitor Comments
Miguel
March 21, 2009, 4:15am (report abuse)Its a shame that the government think s that by putting a cap on interest it will help the people. What if becaue of this all payday lenders and other institutions closed does. How many jobs would be lost, how mnay families would have no where to go when they need a small loan? The government has no problem giving billions to big corporations but what about giving money when you need a new tire or money for the doctor??????
kennekukkenneth
March 24, 2009, 12:29am (report abuse)What a dreadful bill!!! To believe in this bill you must also believe that wage and price controls work nicely.
jessica
March 26, 2009, 10:01pm (report abuse)This puts the icing on the cake! I am currently working for a finance company. I have been there for 4 yrs. The gov't needs to worry more about where our money is going to than try to control everyone. It should be the customers decision whether or not they want to walk in a payday loan and borrow money! Better yet, that customer was probably denied by the bank. So that is why they come to us!!! Not everyone makes billions of dollars each year. You (the government) are the reason why there is so many people out of work, struggling, and just cant afford anything for theirself. Not everyone is like you!!! Maybe you should start thinking about others than yourself....for once!!!
small loan owner
April 5, 2009, 1:21am (report abuse)I own a small loan company and this bill will force me to close down. Maybe they should do a little more research before a lot of people lose their jobs.
Melissa
(logged-in user) April 24, 2009, 10:43am (report abuse)Our bank would have to charge 7.55% interest with our $50.00 documentation fee to stay under 36% on a $600 loan for 6 months. APR 35.940% collecting $64.44 int. Do they think any Bank would do this period, much less with the credit problems some of these customers have.Ys
reed hadley
May 6, 2009, 9:02pm (report abuse)Pawnshops will have to close because they make short term loans, (4 months in California) and a 36% cap would mean for every $100 loaned we would make $2.80 and if the person came back in 5 days they would owe $.50 cents. Our tickets to write the loans are $2.00, and then we have employees, rent, utilities, security, and many many taxes. Our customers are not Payday customers, to get a Payday loan you have to have a checking account, our customers have no checking accounts, and we are their banks. Our average loan is $80 for which we make $10 for 4 months. The Payday loans are $300 and they get $45.00 every 2 weeks. As you can see we are not predatory lenders. I have 6000 customers, and I am a small store. They will have no place to go.
Licensed and regulated Pawnbrokers who offer consumer credit secured by possessory security interest in personal goods provide safety-net pawn loans to approximately 30 million Americans.
David Dale
September 4, 2009, 10:04pm (report abuse)I am all for S.500 get the pawn shops out of the loan business these places are parasites on the poor of this country and it is time we stop this pathetic practice I went by one of these places and they are full of elderly people who are on social security and this one little woman had to hand over half of her check this is the lowest thing I have ever seen
Jesse Perlstein
November 14, 2009, 6:45am (report abuse)Lol this bill wouldn't make it through the finance committee as it would cause massive fallout to all industries in America and all economies across the planet. Unemployment would increase immediately before and after the bill was passed due to small business closures. Banks would be unable to make high risk loans and venture capital would stop coming into this country and an unprecedented amount of invested money will flow out. Customers normally dependent on these loans will be put out of business or out of home. Homelessness rates will skyrocket, people will yearn for the days of dow 6500 and get ready for great depression round II. I'm a little surprised the president would back this.
Eddie
June 16, 2010, 9:33pm (report abuse)This bill is evidence of the conspiresy to distroy americas financials,yes they have a plan.