The Register takes a look at the under-reported bad credit no credit issue:
Consumer advocates say this is a loophole in the law that needs to be changed. "Car title loans are virtually unregulated," Coates said. "They have really pushed it to the edge with these."
The bill Miller and others supported this year would have limited annual interest on car title loans to 21 percent. The measure, co-sponsored by Sen. Joe Bolkcom, D-Iowa City, passed unanimously in the Senate, but the bill was never considered by the House.
"This was a bill that would have been no cost to the state and would have provided protections for consumers who are getting ripped off by these companies," said Bolkcom.
Politics, Iowa
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