The payday loan initiative fight is heating up when it comes to campaign finance.
Campaign Finance: Isn’t that interest(ing)? (August 24, 2011)
Campaign Finance: big bucks for a payday loan PAC (August 20, 2011)
Yesterday, at the Missouri Ethics Commission:
CONTRIBUTION OF MORE THAN $5,000.00 RECEIVED BY ANY COMMITTEE FROM ANY SINGLE DONOR – TO BE FILED WITHIN 48 HOURS OF RECEIVING THE CONTRIBUTION
C111126 MISSOURIANS FOR RESPONSIBLE LENDING [pdf] 9/3/2011
Slough, Connealy, Irwin, & Maddden LLC
1627 Main Suite 900
Kansas City, MO 64108
Missourians for Responsible Lending are the folks that filed the ballot initiative to cap payday loan interest rates:
…Today, payday, car title, and other high cost lenders drain millions of dollars of wealth from Missouri families and communities annually. That’s a lot of money that could be spent investing in our neighborhoods, building savings accounts, meeting basic needs, and rebooting our economy. The lenders’ high rates, typically exceeding 400% interest, creates a spiraling cycle of debt, where families pay fees upon fees upon fees, lining the pockets of predatory lenders in exchange for what was advertised as a quick fix. In reality, it is a stepping stone toward bankruptcy…
…Ending 400% interest rates and capping the rate at 36% ends the debt trap, puts money back into families’ pockets, and reinvests in our community. We have the power to cap the rate at the ballot box in 2012. But to do it, we need your help. Seventeen states have already capped the rate at 36%, saving their citizens over $2 billion annually. Also, capping the rate at 36% extends to veterans, retired officers, policemen, firemen, seniors and others, the same 36% rate cap for payday loans and car title loans for soldiers on active duty. A little money from lots of us will plug this multi-million dollar wealth drain from our state by capping the rates at 36% annually….