Paragould Senator's Bill to Punish High-Interest Lenders Fails in Committee - KAIT Jonesboro, AR - Region 8 News, weather, sports

Little Rock, AR

Paragould Senator's Bill to Punish High-Interest Lenders Fails in Committee

MARCH 22, 2005 - Posted at 7:34 a.m. CST

 

LITTLE ROCK, AR - Legislation designed to punish high-interest lenders known as payday loan companies failed in a Senate committee yesterday.

The bill by Senator Tim Wooldridge of Paragould would have charged companies $300 each time they charged interest rates in excess of 17 percent.

Members of the Senate Judiciary Committee said they felt the companies were already being successfully prosecuted by the state and that the legislation was unnecessary.

Committee members also questioned whether the legislation unfairly targeted one type of business when there are many industries beset by such abuses.

Advocates for the bill said the companies take advantage of those who most need the protection and who have no resources to go after the companies.

Wooldridge said he planned to bring the bill back to the committee later in the session.

(Copyright 2005 by The Associated Press.  All Rights Reserved.)

  • Region 8 News</span><a class="customMoreLink" href="/Global/category.asp?C=4391" target="_top">More >></a>Region 8 NewsMore>>

  • TMK IPSCO looks to expand

    TMK IPSCO looks to expand

    Monday, July 24 2017 7:41 PM EDT2017-07-24 23:41:48 GMT
    Monday, July 24 2017 8:49 PM EDT2017-07-25 00:49:17 GMT
    (Source: KAIT-TV)(Source: KAIT-TV)

    It’s been years since a Blytheville company laid off part of its workforce. Now, business is back up again; and the company is targeting those who received the pink-slip during the layoffs. 

    It’s been years since a Blytheville company laid off part of its workforce. Now, business is back up again; and the company is targeting those who received the pink-slip during the layoffs. 

  • Collaboration between colleges creates new opportunities for students

    Collaboration between colleges creates new opportunities for students

    Monday, July 24 2017 6:22 PM EDT2017-07-24 22:22:02 GMT
    (Source: KAIT)(Source: KAIT)

    The University of Central Arkansas and Black River Technical College partnered in June to offer "direct transfer opportunities" into 28 different bachelor degrees. According to BRTC, the collaboration will offer 7 more bachelor degrees to their students. 

    The University of Central Arkansas and Black River Technical College partnered in June to offer "direct transfer opportunities" into 28 different bachelor degrees. According to BRTC, the collaboration will offer 7 more bachelor degrees to their students. 

  • A Better Region 8: The Dick Clay 'That's Sports' Memorial Scholarship

    A Better Region 8: The Dick Clay 'That's Sports' Memorial Scholarship

    Monday, July 24 2017 5:38 PM EDT2017-07-24 21:38:23 GMT
    Monday, July 24 2017 5:53 PM EDT2017-07-24 21:53:31 GMT
    (Source: KAIT)(Source: KAIT)

    For his entire career, Dick signed off each sportscast with a saying that he made famous: "I'm Dick Clay and that's sports."

    For his entire career, Dick signed off each sportscast with a saying that he made famous: "I'm Dick Clay and that's sports."

Powered by Frankly