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H.R. 1608, The Protecting Consumers from Unreasonable Credit Rates Act of 2009 (6 comments ↓)
H.R. 1608 would amend the Truth in Lending Act to establish a national usury rate for consumer credit transactions.
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Visitor Comments
Miguel
March 21, 2009, 4:19am (report abuse)If this bill runs on the same basis as S500 then I ask again. There are hundreds of thousands of people who are employed by companies who would close if there was a cap on interest rates. Where would we go when we need a small loan to fix a tire or even pay for the doctor. The government has no problem giving bilions to big companies who blow it on bonuses but would they give me $100 to cover my gas bill?????
Dewayne Hallmark
April 15, 2009, 10:05am (report abuse)thousands of consumers need to be able to borrow $50 - $60 until payday for gas / food etc.. these bills would actually crush the Pawn Industry and consumers can't go to the bank for a $50. loan till payday.
at least the Pawn industry needs to be excluded from these bills.
They are a collateral loan.
Peopleunit
April 25, 2009, 8:37am (report abuse)Perhaps the pawn industry, as it exists today, NEEDS TO BE CRUSHED.
To claim otherwise you're missing the whole point - charging exorbitant interest fees to those who can least afford it - predatory lending - should be made illegal.
Even a limit of 100% annual interest would be an tremendous improvement. No two ways about it, pawn shops are a rip off.
Fix it.
Steven14311
(logged in user) May 19, 2009, 7:10pm (report abuse)The fees are needed because of the massive overhead. Not only do pawnshops store what is given to them but they also have to keep them secure. In florida because of stiff competition they charge around 10% per 30 days. Yeah that works out to 120% a year but the average loan is around $80. No way can they stay in business giving a $80 loan at 3%. The volume would have to be astronomically high. The fact is most pawnshops are small business. They provide a needed service(not everyone has a bank account and credit card) and employ thousands of people.They should not be included in this law.
pat s
June 1, 2009, 8:41pm (report abuse)I have worked in a pawn shop for 13 years, if this bill passes it will cause chaos as the people who get these collateral loans simply can't go to the bank and borrow a small amount every month, the people just need a little help each month and without the pawn shops stealing would be rampant, people receiving ssi checks and social security depend on the pawn shops. The shops have to take out huge loans themselves to pay out to the needy, my shop employs 16 people and we also would also be without work,we put a petition in the store today and all the cusomers were irate they might lose their extra income, it's easy for those who have money NOT to understand, so easy for the rich to take from the poor their only "stand by" money for the month.
Carlos
September 10, 2009, 1:46pm (report abuse)If this bill passes it may cripple the pawn industry. Where then will all the commercial and residential burglars sell the computers, jewelry, and other valuables they steal from our homes and businesses? There are thousands of parolees who need a place that will fence your wife's wedding ring for $20, no questions asked. How will those guys get money for methamphetamine if pawn shops close? The fact is that pawn shops aren't closing. The fact is that most laws regulating pawn shops are written by the lobby for the pawnbrokers association and offer little to no protection to the average citizen. It is an industry that has preyed on the underprivileged, and disenfranchised charging as much as 500% interest or more on loans, while fencing stolen goods with relative impunity. Regulation in this industry is long overdue and anyone who tells you otherwise is either lying or severely misinformed.