Lake County Council: cash advance modifications ‘like a vulture’

Lake County officials took a stand against proposed changes to Indiana’s pay day loan guidelines Tuesday saying they might just produce hardships that are new their state’s residents. The Lake County Council unanimously passed an answer opposing a bill cycling through the Indiana Legislature that would amend the statutory laws and regulations for payday loans. […]

Policy professionals stated the payday financing industry crafted the brand new legislation.

Ezekiel Gorrocino, an insurance policy associate when it comes to Center for Responsible Lending, a North Carolina-based nonprofit that fights lending that is predatory, described the legislation as a “prepackaged” bill that payday lending organizations have actually pressed in the last couple of years around the world. Gorrocino stated the industry advocated for the legislation […]