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Tag: payday loan


Moneytree-backed bill will be part of budget talks

A controversial bill that was thought to have died in committee may have risen from the ashes. The bill, backed by payday lender Moneytree, is being touted as “necessary to implement the budget” by one of its biggest proponents.

Sen. Don Benton, R-Vancouver, said Senate Bill 5312 is one of a number of bills that are “critical” to the balance of the budget passed in the Senate. He said the bill will be part of the upcoming budget negotiations.

“We certainly expect and hope 5312 to pass,” Benton said, “because we’re counting on some of that revenue

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Proposal for installment loans with up to 200 percent interest clears another hurdle

The House Committee on Business and Financial Services approved a bill backed by Seattle-based payday lender Moneytree today. The vote: 13-to-2.

Senate Bill 5312 would allow lenders to make loans of up to $1,500 with effective interest rates nearing 200 percent and repayment periods stretching from six months to a year.

Currently, payday lenders can lend up to $700. Those loans — which can have effective interest rates of up to 391 percent — must be repaid with one balloon payment on the borrower’s next payday.

The Business and Financial Services Committee Chair, Rep. Steve Kirby, R-Tacoma,

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Tacoma lawmaker calls for changes to payday-like loan bill

Tacoma Democratic Rep. Steve Kirby says he will be proposing some “significant changes” to a payday lender-backed proposal making its way through the House. He said the end result would be a loan product that could replace payday loans.

Senate Bill 5312 would allow lenders to make a new type of high-interest unsecured loan – sort of like a payday loan with an installment plan. Kirby said the changes he will be pushing for would make the bill more consumer-friendly.

Opponents of the bill, like Sen. Sharon Nelson, D-Maury Island, said the proposed changes are

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Senate OKs new payday-like loan

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.

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