Seattle Times: Op-ed: Payday-lending Law Works in Washington State
THE Washington Legislature is the subject of more than its fair share of criticism, but we should recognize that it passes laws that protect the public and save us money. For example, in 2010, limits placed on payday lenders trimmed the debt load that overwhelms our poorest residents and improved our economy.
First, a recent Pew Charitable Trusts study concluded that restricting storefront payday lenders does not drive payday-loan customers to Internet lenders. And even if regulation did increase online payday lending, Washington consumers already have protection from unregulated, online payday lenders. A borrower can terminate the lender’s access to his or her bank accounts and the unlicensed payday lender is barred from bringing a collection action in Washington courts.
Read the full article at seattletimes.com.
- Safe Small-Dollar Loans Research Project