The Florida Council of Churches calls automobile name loans “a ethical outrage.” The attorney general likens the lenders to loan sharks. Navy officials state they’ve seen a large number of young, naive recruits fall victim into the loans – quick money in trade for an automobile name as security – only to reduce their vehicles. A year, are begging lawmakers to rein in the 3 1/2-year-old industry for the third straight year, critics of title loans, which can charge interest as high as 264 percent.
But yet again, these are generally out-gunned.
The industry’s ammo: a cadre of high-powered lobbyists, including two previous home speakers in addition to president regarding the governor’s inaugural committee. (tovább…)