Politics Involved in Payday Loan Laws

Posted On: September 3, 2010 at 1:45 p.m.

Filed Under: lobbyist michael madigan payday loans

A new report has broken out that a politician’s family benefited from recent laws designed to restrict the practice of lending payday loans . This report suggests that a son-in-law of a prominent politician was the beneficiary of laws voted in by his father-in-law. Here is part of the report: “Chicago - The family of house Speaker Michael Madigan benefited from a bill to reform payday loans last spring, the Chicago Sun-Times is reporting. [[ads]] The measure caps high interest rates for consumers and expands a tracking system to keep tabs on lenders. It benefits borrowers of high-interest loans. Madigan’s son-in-law Jordan Matyas, a lobbyist, helped write the legislation. The Sun-Times reports that the son-in-law’s client, Veritec Solutions, tracks unsecured consumer loans and will benefit greatly once the new law takes effect next March. Both Madigan and Lisa Madigan said they didn’t know about that connection with Veritec, and that at the time, Matyas was not yet married to Michael Madigan’s daughter, Tiffany Madigan” (http://www.myfoxchicago.com/dpp/news/metro/mike-madigan-jordan-matyas-family-benefitted-payday-loan-law-20100831). What do you think? Is this a conflict of interest, or was it just poor timing or flat out unethical?

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