City and statewide officials say curbs are needed on the payday lending industry
Decrying lobbyists' influence in the state Capitol, a range of California leaders on Monday called for curbs on payday lending to better protect consumers from the spiraling debt that accompanies the triple-digit interest rate loans.
The reactions from statewide officials, city leaders and philanthropists come after a Bay Area News Group investigation published Sunday outlining the hazards of payday loans and the industry's warm reception in Sacramento.
Payday loans, which burden the working poor with annual interest rates as high as 460 percent, have grown in California, even as 17 states and the U.S. military have effectively banned the cash advances on paychecks. In contrast, state lawmakers here are now pushing a bill to expand lending amounts and fees, while accepting ever-more campaign contributions from payday lenders.
On Monday, however, two state senators joined Insurance Commissioner Dave Jones in calling for stepped-up regulations on payday lenders, either through a ballot measure or new legislation.
"People are having to forgo food on the table or clothes on their backs or transportation in order to pay back these loans," Jones said. A former Assembly member, Jones said he introduced a bill in 2007 similar to those in other states that cap interest rates at 36 percent because "the evidence was really compelling that the rules needed to be changed in California."
But he added that because payday lenders are "extraordinarily influential," Sacramento lobbyists persuaded Assembly leaders to shelve his bill.
Call for a cap
Two senators who sit on the committee that will soon hear the industry-backed bill to expand payday lending -- state Sens. Ellen Corbett, D-San Leandro, and Mark Leno, D-San Francisco -- agreed with Jones that interest rates need to be capped.
"The industry needs serious reform due to the financial damage it has caused many families," Leno said in a statement. "Allowing borrowers to get into deeper debt is not a realistic solution.
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