Usury, in this case loans that carry up to 200% interest rates, have been banned in new York for years. Now all of a sudden Bronx assemblyman Heastie backs loan shark loans.
Assemblyman Heastie, a democrat who represents Wakefield, is backing a bill along with Bronx state Sen. Jeff Klein and Manhattan Assemblyman Denny Farrell, that would rename what was formerly called payday loans and make them available again in New York.
The Loan Shark Protection Act
This bill would rename so called payday loans and start calling them short term loans. It would then allow check cashing outlets to grant these loans at an outrageous interest rate that would far exceed the 25% allowed today.
The thinking behind this bill so the sponsors say, is that people are already taking out illegal loans on the internet so they might as well profit from these kinds of loans on the street. This is the view of our elected officials?
Skewed View Indeed
Could the inspiration for backing this bill been influenced by the fact that the following donations were given by the check cashing companies to these elected officials?
- Klein received $50.000
- Farrell picked up $30,000
- Heastie’s party organization received $10,000
Nice Try Guys
Thank goodness there are a few good men in office yet.
State Financial Services Chief Ben Lawsky, along with his boss, Governor Cuomo, send a letter to Assembly Speaker Sheldon Silver.
The letter stated that this would completely undermine and undo long standing protections designed to protect the consumer.
Thankfully Mr. Silver agreed and now the official word is the loan shark protection act is dead.
The officials who take this kind of money in trade for support and try to pass bills and laws that are detrimental to the well being and safety of the people who have voted them into office should be ashamed of themselves.
We as a people need to start taking names and get involved with taking back our country!
What will you do today to help your country heal?