At least they don't break your kneecaps anymore | The Hoglawyer

Friday, November 17, 2006

At least they don't break your kneecaps anymore

Posted By on Fri, Nov 17, 2006 at 12:40 PM

I hate payday lending. Its one of those things like gambling - a victimless crime - in that the customers know what they are doing, know its bad for them, but do it anyway. The payday lenders are barely legal in this state and routinely get sued, lose, go bankrupt, and then start up another company it seems. While some more libertaria types might see payday lending as "freedom to contract" I see them as shady fly-by-night businessmen looking for a quick buck. If its such a great thing, maybe it should just be a service at our local bank. Instead, its run out of crummy retail shops, where they don't have to invest anything because they will surely go out of business soon.

I was looking at the history of the check cashing laws, and found this interesting paragraph from an article way back in 2001.

An attempt by Sen. Cliff Hoofman, D-North Little Rock, to repeal the Check Cashers Act failed in the Senate in February. Hoofman had hoped to get another vote on the repeal, but complained that his attempt was sidetracked by a parliamentary procedure by Sen. Doyle Webb, R-Benton.

Webb had been the Check Cashers Act’s Senate sponsor in 1999, when only two senators — Mike Beebe, D-Searcy, and Mike Ross, D-Prescott — voted against it. Ross is now U.S. congressman for the Fourth Congressional District.

Doyle Webb is the same attorney ( and former Chief of Staff for Lt. Gov. Rockefeller) who made himself the beneficiary of a will and the subject of severe ethical scruitiny.

This Week's supreme court case concerning payday lenders, to me, is really a non-issue and merely said that the payday lenders get to litigate the issue of whether the state is properly regulating them.
I won't bore you with the details about why the Sup. Ct. didn't address teh constitutional issues - it was a delay and was consistent with how they handle similar problems with declaratory judgments in much less controversial cases.

I don't think payday lending is right, moral, or legal. But, the easiest way and the best way to take care of it is through legislation, not the court system. Legislation authorized payday lending, and apparently it might take leglislation to end it. This case isn't going away but I hope some courageous leglislators, backed by the new governor, will do the right thing and put these guys out of business for good.

From the ArkTimes store



Subscribe to this thread:

Add a comment

More by Hoglawyer

  • I want my two dollars !!!

    In the movie, "Better Off Dead," with John Cusack, there is this sub-plot of the local newspaper delivery boy stalking Cusack to get his $2.  Some people will go to great lengths to get their $2 in real life as well.
    • May 28, 2009
  • Publishing to Perish ?

    In an interesting twist, the Arkansas Supreme Court today amended Ark. Sup. Ct. Rule 5-2 and will now allow all cases to be cited, doing away with the distinction between published and unpublished opinions.
    • May 28, 2009
  • Death Penalty Reform

    The death penalty makes me nervous. It makes me nervous because there is always a chance the wrong person is being executed.
    • Mar 27, 2009
  • More »

Most Shared

  • ASU to reap $3.69 million from estate of Jim and Wanda Lee Vaughn

    Arkansas State University announced today plans for spending an expected $3.69 million gift in the final distribution of the estate of Jim and Wanda Lee Vaughn, who died in 2013 and 2015 respectively.
  • Bad health care bill, again

    Wait! Postpone tax reform and everything else for a while longer because the Senate is going to try to repeal and replace the Affordable Care Act one more time before September ends and while it can do it with the votes of only 50 senators.
  • Sex on campus

    Look, the Great Campus Rape Crisis was mainly hype all along. What Vice President Joe Biden described as an epidemic of sexual violence sweeping American college campuses in 2011 was vastly overstated.
  • The inadequate legacy of Brown

    LRSD continues to abdicate its responsibility to educate poor black students.



© 2017 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation