Moneytree, A seattle-based payday loan provider, recently lobbied the Washington State Legislature to cut back restrictions on pay day loans enacted last year.
Two bills had been introduced through the 2015 session that could repeal the two-week limitation on payment plans and authorize installment loans that may be paid down during the period of per year. Despite some initial success, the push of these brand new payday lending laws and regulations stalled inside your home. While HB 1922 never ever escaped the home Rules Committee, an alternative for SB 5899 that authorized six-month installment plans was authorized by the committees of jurisdiction both in the senate while the household, and handed down the senate flooring. It absolutely was fundamentally introduced to a different home committee and it is now being labeled вЂњall but deadвЂќ in the home.
The Institute conducted its own analysis and found that contributions from Moneytree and its affiliated donors represent a sizable majority of payday lending contributions in Washington during the past decadeвЂ”and much of that money went to lawmakers holding positions of considerable influence with media attention directed at the lenderвЂ™s campaign contributions. Key legislators at the center of this debate have already been one of the loan providersвЂ™ prime targets: not merely had been these payday loan providers substantial towards the billвЂ™s sponsors, many associated with leading recipients serve regarding the relevant committees, especially the committee seats. Read More