The bill would cap the annual interest rate at 36 percent on the short-term loans. It also would establish a state database to enforce existing limits on how many loans people can have out at one time.
The committee voted to send the bill to subcommittee after a public hearing. The committee action was the first skirmish this session in the long-running battle between groups who say the businesses take advantage of the poor and lenders who say they provide a service.
"I'm very disappointed because of the thousands of people who will be driven into poverty while we fiddle around on this," bill sponsor, Rep.
"You've got to address the cause of what's causing people to run down there," Vance said of people's use of the lenders.
The committee also carried over a second bill related to the automobile-title loan industry.
Campaign records show Vance received
Todd said she thought the contributions were a factor in the bill's demise.
"It's disgusting. I don't know what else to say," Todd said.
Most Popular Stories
- #myNYPD Twitter Campaign Backfires for NYPD
- NRA Seeks Universal Concealed Carry Permits
- FCC May Allow Companies to Pay for Internet Priority
- Money Market Fund Assets up by $7.32 Billion
- Pols Back Away From Bundy After Racist Statements
- Durable Goods Orders Rose More Than Expected
- First-time Jobless Claims Jump by 24,000
- Molina Adding Hundreds of Jobs in Michigan
- Hillary Clinton to UConn: 'Take a Stand'
- Freshman Senators Speak Out on Foreign Policy