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Bolkcom has introduced bills with proposed pay day loan legislation nearly every session

Bolkcom has introduced bills with proposed pay day loan legislation nearly every session

WITHOUT REGULATION, “CONSUMER BEWARE”

Since he joined the Iowa Legislature in 1999.

“Regulations are essential. Customers anticipate regulators and their federal government wouldn’t normally enable that loan item to be accessible that didn’t involve some types of customer security. Loans from banks have actually all types of defenses when it comes to customer. In pay day loans, it’s customer beware” he stated.

Bolkcom proposed a bill through the 2013 legislative session that proposed capping the apr at 36 per cent, basically expanding the limit set by the federal Military Lending Act of 2007, which developed a 36 % limit for payday-style loans to active-duty army workers and their dependents.

Throughout the 2013 session, the bill caused it to be through the options Committee, which Bolkcom seats. Since the bill passed the committee it might have been mentioned for debate throughout the 2014 session, however it didn’t make the cut.

“The senate frontrunner will simply bring things up through the House, ” Bolkcom said if he thinks there are the votes to get it.

Iowa Home Majority Leader Linda Upmeyer, Clear Lake

House Republican Leader Rep. Linda Upmeyer, R-Clear Lake, objected to utilizing the homely house as a justification to not ever pass a bill.

“To portray that being an explanation over when they send over many bills that are unsuccessful, not because it doesn’t get a fair hearing, but because it doesn’t have enough support that they wouldn’t send it. Continue reading