[Associated Press 3/10/14] A plan to give people who use payday loans more leeway in settling their debt passed the Idaho Senate. The bill, which passed 21-13 Monday, would let borrowers set up a payment plan to return the money if they get behind. It also blocks lenders from piling fees and interest onto the remaining balance if borrowers opt for the payment plan. The bills sponsor, Twin Falls Republican Sen. Lee Heider, says it can provide an out for someone caught in a lending cycle. But Nampa Republican Sen. Todd Lakey said he didnt think the government should be tasked with protecting people from their own decisions. [Me] -- And, Todd Lakey is absolutely right. If I was in the Idaho Legislature, I would have voted NO on this measure. Supporting this kind of law simply opens the door for more of its kind. How about a law that says that even though you dont pay your car payment for three or four months, they cant repossess your car, but must negotiate a new payment plan for you? Or, how about one that says that if you have a savings account that pays .5% interest, but you think it should be 15%, you can simply tell them you want more money? Laws like this undermine the free enterprise system, and place more of what should be personal responsibility on governments shoulders. Urge your State Representative to VOTE NO on this bill when it comes across their desk. You can use this link to contact them: legislature.idaho.gov/house/house.htm. (I am letting my Representative, Darrell Bolz know how I feel about this bill with this post.) I will be posting the names of the State Senators who voted for this lame-brain bill so youll know who you might NOT want to vote for in the May Primary or November election this year. Read more here: thestate/2014/03/10/3317252/bill-to-help-payday-loan-borrowers.html#storylink=cpy
Posted on: Tue, 11 Mar 2014 04:48:33 +0000
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