Today’s (righteous) loser: State Sen. Sharon Nelson (D-34).
This past year, then-Rep. Nelson (she relocated up to the senate this current year) effectively sponsored a bill that imposed brand brand new regulations on payday lenders—companies that offer little, short-term loans at incredibly high interest levels. The loans—called payday advances simply because they’re designed to get a debtor through before the next payday—are controversial due to their sky-high rates of interest; modern legislators was in fact attempting for a long time to manage the industry, with very little fortune before Nelson arrived.
Nelson’s bill restricted how big a cash advance to $700 or 30 % of someone’s earnings, whichever is less; banned folks from taking out numerous pay day loans at various businesses (“Before, there had previously been, like, one on every part of course you reached a limitation you would simply get across the street,” Nelson states); needed organizations to give an installment policy for individuals who fall behind on the re re payments; and restricted the amount of loans an individual might get to eight each year.