NAACP To Target Payday Lenders

Jun 19, 2008 by Eric Ray

(KCPW News) Representatives of the Salt Lake Branch of the NAACP says so-called payday lenders will be in their crosshairs when lawmakers convene in January.

"A quarter of the states in this country have outlawed them. Connecticut, Georgia, Maine, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Vermont and West Virginia. It's my hope we'll add Utah to that list," says Executive Committee Member Edward Lewis Jr.

Lewis says payday lenders are entrapping people who are unable to receive standard credit through a financial institution. At the very least, Jeanetta Williams, President of the Salt Lake Chapter of the NAACP, would like to see Utah pattern its payday lending laws after those that took effect in New Mexico last year.

"Under the new set of laws payday loans would become interest free, and lenders must cap fees at $15.50 per $100 borrowed. That's one of the things they're doing," says Williams.

To listen to a longer conversation with Williams and Lewis, which includes their thoughts on the SockObama doll, download a podcast of today's Midday Metro.

Email to a friendPosted in KCPW Newsroom. Copyright 2008 KCPW