The issue isn't a matter for the Congress anyway. The states have the authority to regulate "pay-day" loans and most of them do. 19 states prohibit them entirely and 25 others regulate the interest rates the lenders can charge.
It's up to the other 6 states to get their act together (These 6 states are where the outragous interest rates are being charged..)
It cuts both ways. Recently, the dead beats were brought up short. The USSC ruled that it was not illegal for the US government to take payments from a person's Social Security check to repay Government loans to students. Some of these loans were made over ten years ago and the amount still owed to the government is over 6 Billion dollars.
FOR 'AMOUNT OWED TO THE GOVERNMENT' READ
AMOUNT OWED TO THE TAXPAYER!
Mortkat
Do you have a link relative to the USSC decision regarding student loans and social security. I seem to remember that the USSC voted against the tapping of SS for repayment. However, I could be mistaken.
In any event what has that to do with usury being legal.
Why wouldent usury be legal under this adminastration. After all so is bribery.
As a former military officer, maybe I can shed some light here. Predatory businesses targeting military personnel is not new, it is as old as the military. Step outside any base and you will find a strip of strip joints, bars and used car dealerships waiting to take money from teenagers with their first taste of real money. You've all seen signs saying "No credit necessary for E-1 and above". While it may vary from base to base, the military provides credit counciling, has support groups and relief organizations to help those who ask or are identified. The military is also not in the "loan collection business". Notifying the military that someone is delinquent on a bill is against the law in many states, just like notifying anyone's employer is. The military doesn't garnish wages unless there is a court order. We did try to help when we found out that someone was in trouble and here, I think the military far exceeds civilian industry as a whole.
