TITLE-LOAN BILLS HIT A SOLID WALL OF POWER, MONEY

TITLE-LOAN BILLS HIT A SOLID WALL OF POWER, MONEY

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…)

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