Lawmakers Took Payday Cash, Asked Few Concerns
The payday financing lobby contributed thousands and thousands of bucks to Tennessee lawmakers due to the fact industry forced for a unique variety of loan within the state, NewsChannel 5 Investigates discovered.
The versatile Credit Act created flex loans and legalized their 279% apr. It sailed through the typical Assembly in 2014, passing unanimously into the continuing state Senate sufficient reason for bipartisan help in the home.
But our investigation found that few lawmakers questioned the brand new item or the interest rate that is high.
Rep. Mike Stewart, D-Nashville, had been among the lawmakers that are only publicly enquire about information on the bill.
“Do we now have any concept even as we’re moving this bill today, that will be producing a completely brand brand brand new monetary item, exactly just just what it will price the common man from the road?” Stewart asked in the homely house flooring in 2014.
Stewart proceeded to press the balance’s sponsor Rep. Cameron Sexton, R-Crossville. […]