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Bolkcom has introduced bills with proposed pay day loan legislation virtually every session

Bolkcom has introduced bills with proposed pay day loan legislation virtually every session

WITHOUT REGULATION, “CONSUMER BEWARE”

Since he joined the Iowa Legislature in 1999.

“Regulations are necessary. Customers anticipate regulators and their federal government will never enable that loan item to be accessible that didn’t involve some type or variety of consumer protection. Loans from banks have got all forms of protections for the customer. In pay day loans, it’s customer beware” he stated.

Bolkcom proposed a bill throughout the 2013 session that is legislative proposed capping the apr at 36 %, really expanding the limit set by the federal Military Lending Act of 2007, which created a 36 % limit for payday-style loans to active-duty army workers and their dependents.

The bill made it through the Ways and Means Committee, which Bolkcom chairs during the 2013 session. As the bill passed the committee it might have been mentioned for debate throughout the 2014 session, however it didn’t make the cut.

“The senate frontrunner will still only bring things up through the House, ” Bolkcom said if he thinks there are the votes to get it.

Iowa House Majority Leader Linda Upmeyer, Clear Lake

Home Republican Leader Rep. Linda Upmeyer, R-Clear Lake, objected to making use of the House as a reason to not pass a bill.

“To portray that as 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. Possibly they can’t get enough support in their own personal chamber also it’s an excuse that is convenient blame another chamber, ” she stated. Leggi tutto ›