Our View: Banking commissioner stands by consumers on payday loans.
Thursday, December 29th, 2005
By Chris Fitzsimon
Payday lender Advance America can’t do business in North Carolina. It’s a decision worth celebrating — almost. The state doesn’t need a business that does more harm than good to its people, no matter how profitable the bottom line.
But the battle isn’t over. Even when the state outlawed payday lending in 2001, the lenders found a loophole. Advance America used an out-of-state bank to underwrite loans. Joseph Smith Jr., the state’s Commissioner of Banks, sided with consumers against the lender, writing that the business isn’t exempt from state law.
Ethically, the commissioner made the right call. Attorney General Roy Cooper believes the state has finally seen the last of aggressive lending practices. His words are hopeful. But the payday lending industry is stubbornly resilient. Celebration plans should be put on hold. (more…)
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