"Democratic legislators Wednesday called for new restrictions on cash advances based on anticipated income tax refunds, noting that such loans can carry interest rates of as much as 700 percent.
'Consumers across the board need protection,' said Sen. Joe Bolkcom, D-Iowa City. 'Just because lenders are able to charge these types of interest rates doesn't make it right.'
Bolkcom unveiled legislation aimed at putting a ceiling on loans made in anticipation of income tax refunds, setting a 21 percent maximum interest rate and requiring disclosure of all charges."
It's expensive to be poor, and Joe Bolkcom gets it.
Politics | Iowa
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