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Philadelphia, PA вЂ“ prior to a forthcoming industry-backed bill to permit high-cost, long-lasting payday advances in Pennsylvania, Philadelphia City Council took the initial step toward fending down their efforts by adopting an answer, contacting people of the General Assembly to oppose any such legislation.
For more than 10 years, the out-of-state payday loan providers have already been trying to bring their predatory loans into Pennsylvania by lobbying for legislation that could eviscerate state caps on interest and costs for customer loans. This session, these are generally trying to legalize long-lasting payday advances, an item they increasingly have actually available in states where lending that is high-cost appropriate so as to avoid regulations directed at their old-fashioned two-week pay day loans. (more…)