Praise Given to Mississippi Lawmakers

Posted On: September 5, 2010 at 1:01 p.m.

Filed Under: borrow smart jackson county payday loan

Yesterday I reported on some developments in Jackson County, Mississippi where board members over a payday loan company were speaking out to protect the payday loan business. It appears, at least to this point, that lawmakers were swayed in favor of the payday loan companies and have rescinded earlier sanctions on the industry: “The Borrow Smart Mississippi Board of Directors applauds the Jackson County Board of Supervisors for rescinding a resolution recently passed that would have had negative consequences for short term borrowers and the short term lending industry. [[ads]] The Board of Supervisors today voted 4 to 1 to rescind a recent resolution they had passed that called upon the Mississippi state legislature to cap fees on check cashing stores at 36 percent APR. The original resolution was presented to the Jackson County Board of Supervisors by an attorney with the Mississippi Center for Justice. Today, the Board reviewed further information provided by business owners. “We want to thank all the members of the Jackson County Board of Supervisors for allowing us to share our side of the story today and for keeping the best interest of the people of Jackson County at the forefront of this debate,” said Dan Robinson, Borrow Smart spokesman. “Without question, a 36 percent APR cap would put short term lenders out of business and leave the people of Mississippi without access to short term loans” (http://www.prnewswire.com/news-releases/borrow-smart-applauds-jackson-county-supervisors-for-rescinding-anti-payday-loan-resolution-101824728.html).

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