This is Lynn Jenkins, she does not represent us
Occasionally you see the advertisements on television, soothing music and non-threatening voice over making the gentle persuasion to borrow responsibly. After all everybody needs a little extra cash from time to time. It's alright, come and get a little cash. The trap is set.
You understand of course that it is impossible to borrow responsibly from a loan shark, legalized or not. In Kansas the governing statute is found in Kansas Statutes at §16a-2-40 Payday loans; finance charges; rights and duties. For a payday loan you pay 15% interest, the loan can last from 7 to 30 days and is limited to $500.00.You can only have two loans from a particular lender within a 30 day period.
Beware of Payday Loan Sharks
Gee, that's nice, if you get paid every other week then you can get hooked into a bottomless pit. So if you go in and get the $500 for a two week loan, you write the scoundrels a check for $575.00, which they don't cash if you come back on the due date and pay them off.
Of course, when you pay them back their $500 and the interest of $75, you know you're back to broke because you were living hand to mouth when you first entered their trap. So you get another loan. In two weeks you come back and repeat the fiasco. That's $150 a month going to interest, which will be $1,800 if you do it for a solid year.
This is predatory lending at its worst. In 2007 the Congress agreed and outlawed the most egregious payday loan practices where the borrower was in the Armed Services.
That law prohibits: ◊ Requiring military members to set up an allotment as a condition of receiving a loan. ◊Requiring the use of a vehicle title as security for any loans made to service members and military family members. ◊ Using a check or any other access to a member's financial account as security for a loan. ◊ Lenders from renewing, repaying, refinancing, rolling over, or consolidating consumer credit using the proceeds of other credit granted by the same lender to the military member. ◊ Requiring military members to waive their rights under federal law. ◊ Denying the opportunity for military members to pay the loan off early, and any penalties for early payments. ◊ Any reasonable clauses in the contract designed to make it difficult for military members to take a creditor to court. ◊ States from allowing creditors to violate state consumer loan protections laws for military members who are nonresidents.
That law said these predatory lenders could charge military members no more than 36%!!! The Kansas Law on this is found at In Kansas the governing statute is found in Kansas Statutes at §16a-2-40
You remember H.R. 4173, the Wall Street Reform and Consumer Protection Act from a previous posting. This bill brings the payday lenders under Federal supervision for the first time. You'll find chapter and verse in Title IV the Consumer Financial Protection Agency Act.
Now why do you think Lynn Jenkins voted against this bill? Her top contributor during the 2009 - 2010 election cycle was QC Holdings. QC Holdings is a publicly traded payday loan company based in Overland Park, Kansas with over 500 stores nationwide. They've given Lynn Jenkins $17,500 and she's carrying water for them. That's $17,500 extracted from desperate Americans gone to Lynn Jenkins so she can vote against bills like The Wall Street Reform and Consumer Protection Act of 2009, H.R. 4173.
Do you remember the spider and the fly?
The Spider And The Fly
by Mary Howitt (1799-1888)
"Will you walk into my parlor?" said the spider to the fly;
"'Tis the prettiest little parlor that ever you may spy.
The way into my parlor is up a winding stair,
And I have many curious things to show when you are there."
"Oh no, no," said the little fly; "to ask me is in vain,
For who goes up your winding stair can ne'er come down again."
"I'm sure you must be weary, dear, with soaring up so high.
Well you rest upon my little bed?" said the spider to the fly.
"There are pretty curtains drawn around; the sheets are fine and thin,
And if you like to rest a while, I'll snugly tuck you in!"
"Oh no, no," said the little fly, "for I've often heard it said,
They never, never wake again who sleep upon your bed!"
Said the cunning spider to the fly: "Dear friend, what can I do
To prove the warm affection I've always felt for you?
I have within my pantry good store of all that's nice;
I'm sure you're very welcome - will you please to take a slice?"
"Oh no, no," said the little fly; "kind sir, that cannot be:
I've heard what's in your pantry, and I do not wish to see!"
"Sweet creature!" said the spider, "you're witty and you're wise;
How handsome are your gauzy wings; how brilliant are your eyes!
I have a little looking-glass upon my parlor shelf;
If you'd step in one moment, dear, you shall behold yourself."
"I thank you, gentle sir," she said, "for what you're pleased to say,
And, bidding you good morning now, I'll call another day."
The spider turned him round about, and went into his den,
For well he knew the silly fly would soon come back again:
So he wove a subtle web in a little corner sly,
And set his table ready to dine upon the fly;
Then came out to his door again and merrily did sing:
"Come hither, hither, pretty fly, with pearl and silver wing;
Your robes are green and purple; there's a crest upon your head;
Your eyes are like diamond bright, but mine are dull as lead!"
Alas, alas! how very soon this silly little fly,
Hearing his wily, flattering words, came slowly flitting by;
With buzzing wings she hung aloft, then near and nearer grew,
Thinking only of her brilliant eyes and green and purple hue,
Thinking only of her crested head. Poor, foolish thing! at last
Up jumped the cunning spider, and fiercely held her fast;
He dragged her up his winding stair, into the dismal den -
Within his little parlor - but she ne'er came out again!
And now, dear little children, who may this story read,
To idle, silly flattering words I pray you ne'er give heed;
Unto an evil counselor close heart and ear and eye,
And take a lesson from this tale of the spider and the fly.
No comments:
Post a Comment