NAACP Chairman Julian Bond Joins Group Urging Pennsylvania Governor to Ban Payday Lending

NAACP Chairman Julian Bond Joins Group Urging Pennsylvania Governor to Ban Payday Lending

NAACP Chairman Julian Bond joined up with spiritual teams, customer teams along with other civil liberties leaders contacting Gov.

Edward Rendell to prevent supporting a bill when you look at the Pennsylvania House of Representatives that could enable 400 % yearly interest levels on pay day loans.

“Payday loan providers victimize poor and class that is working, a disproportionate range who are African-American, literally stealing cash from their victims,” Bond in a page to Gov. Rendell. Mr. Bond stated HB 1478 would additionally let payday lenders trap borrowers in a period of debt until they’ve compensated many times in interest whatever they initially borrowed.

Mr. Bond while the other leaders urge Gov. Rendell to alternatively assist pass Senate Bill 101, which will force lenders that are payday either comply with Pennsylvania customer security legislation or leave hawaii. Payday financing just isn’t authorized in Pennsylvania, but payday loan providers have already been making your way around the attention price limit of 26 % by claiming federally-chartered, out-of-state banks to their partnerships exempt them from Pennsylvania law.