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Payday Loan

Terry Ganey has a must-read story in the Tribune today about the Financial Institutions Committee committee hearing led last night by Rep. Don Wells (R-Cabool).  Though Speaker Ron Richard (finally) assigned Rep. Mary Still's payday loan reform legislation to the committee on Monday, Wells and Chairman Michael Cunningham (R-Rogersville) chose to hold a "presentation on lending" -- but not consider Still's bill. Ganey:

No hearing was scheduled on Still’s bill, but a vague notice for the committee meeting last night said there would be a "presentation on lending.” The presentation, a pre-emptive strike on Still’s bill, turned out to be all in favor of payday loans.

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