payday loans

State Attorney General Wants Crackdown on Predatory Lending

Todd Bookman — Fri, 05 Oct 2012 21:15:20 +0000

New Hampshire Attorney General Michael Delaney is joining 40 other state attorneys general in urging congress to crackdown on predatory lending practices.

Delaney today signed a joint letter urging Federal lawmakers to oppose the Consumer Credit Access, Innovation and Modernization Act.

Sen. Gallus Supports Lynch Veto Of Payday Loans

Chris Jensen — Sun, 25 Mar 2012 13:43:24 +0000

Sen. John Gallus, a Republican from Berlin who represents the North Country, was among those voting last week not to override Gov. Lynch’s veto of so-called payday loans.

As NHPR reported “The measure would have lifted the current 36% interest rate cap on small loans. In place of that cap, Senator Matt Houde told colleagues companies could charge borrowers up to 403% interest.

Lynch Vetoes Bill Allowing 400% Annual Interest Rates

Josh Rogers — Fri, 27 Jan 2012 21:17:29 +0000

Under the bill, lenders could charge 15 percent monthly interest.

Governor Lynch’s veto message notes the annual percentage interest rate on these so-called installment loans translates to more than 400%. Lynch says allowing such rates would hurt New Hampshire families, communities and the economy.

Lynch’s message also says the bill limits the state’s regulatory authority.