
Committee Vote to Expand Payday Lending Will Further Harm Low-Income Residents, MCC Argues
Legislation would allow for more borrowing at high interest rates
Despite federal statistics indicating that the practice of payday lending places low-income residents in the way of financial harm, the Michigan House Committee on Regulatory Reform passed legislation this morning that expands payday lending in the state by allowing consumers to borrow additional money at unreasonable rates. Opposing the legislation, MCC said the following: “It is our hope that if this legislation moves further through the process it can be amended to include a more reasonable interest rate and an honest evaluation of someone’s ability to repay the loan.” Read more…