Controversial legislation proposing a new type of ultra high-interest loan was fast tracked to the Senate floor today. In an unusual twist, one of the bill’s cosponsors, Sen. Nick Harper, D-Everett, even voted against it. It passed anyway, 30-to-18.
Harper said he didn’t understand why the bill, which would allow installment loans with effective interest rates nearing 220 percent, was being rushed to a vote when it still needed work. He said sending the bill to the House to get “fixed” was just “punting the ball.”
The move also started a 30-minute floor fight with vocal payday loan critic, Sen. …