Bolkcom has introduced bills with proposed pay day loan regulation almost every session

Bolkcom has introduced bills with proposed pay day loan regulation almost every session

WITHOUT REGULATION, “CONSUMER BEWARE”

Since he joined the Iowa Legislature in 1999.

“Regulations are necessary. Customers anticipate regulators and their government wouldn’t normally enable that loan item to be accessible that didn’t possess some type or variety of customer security. Loans from banks have actually all types of defenses for the customer. In pay day loans, it really is customer beware” he stated.

Bolkcom proposed a bill throughout the 2013 legislative session that proposed capping the apr at 36 per cent, basically expanding the limit set by the federal Military Lending Act of 2007, which developed a 36 per cent limit for payday-style loans to active-duty military workers and their dependents.

The bill made it through the Ways and Means Committee, which Bolkcom chairs during the 2013 session. Since the committee was passed by the bill it has been mentioned for debate throughout the 2014 session, nonetheless it didn’t make the cut.

“The senate frontrunner will simply bring things up if he believes you will find the votes to have it through the home, ” Bolkcom stated.

Iowa Home Majority Leader Linda Upmeyer, Clear Lake

Home Republican Leader Rep. Linda Upmeyer, R-Clear Lake, objected to with the homely house as a reason never to pass a bill.

“To portray that being a explanation over when they send over many bills that are unsuccessful, not because it doesn’t get a fair hearing, but because it doesn’t have enough support that they wouldn’t send it. Maybe they can’t get enough help in their own personal chamber plus it’s a convenient reason to blame another chamber, ” she stated.

Whenever asked whether she’d support a bill further regulating payday advances, Upmeyer stated she had “seen no such bills come forward.

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