Tuesday, March 16, 2010

Payday lending voted out of Economic Matters Committee!

Good news for consumers: House Bill 79 was voted out of the Economic Matters Committee on Friday by a vote of 15-7. The bill closes a loophole that allows payday lenders in Maryland to charge interest rates of up to 700%. The companion legislation, SB 678, will likely get a vote in the Senate Finance Committee by this Thursday.

"We are extremely pleased that this legislation is moving forward so that vulnerable consumers will have protection from these predatory lenders," said MCRC Executive Director Marceline White. "We heartily thank the Delegates that supported this bill and we're excited to see it move forward. We urge passage in the full House and Senate."

Delegates voting in favor of the bill were:
Charles Barkley
Aisha Braveboy
Emmett Burns
Brian Feldman
Hattie Harrison
Sue Hecht
James King
Ruth Kirk
Carolyn Krysiak
Mary Ann Love
Roger Manno
Brian McHale
David Rudolph
Herman Taylor
Michael Vaughn

Delegates voting against the bill were:
Jeannie Haddaway-Riccio
Richard Impallaria
Sally Jameson
James Mathias
Warren Miller
Donna Stifler
Mary Roe Walkup

Excused:
Del. Joseph Minnick



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