More Disclosure Required At Payday Lenders

Annual Percentage Rates And Fees Must Be Prominently Displayed

(AP)  Many payday lending shops will be required by an industry trade group to put up small posters displaying their fees and interest rates, a move that could help improve the image of an industry long derided for taking advantage of people.

The trade group, Community Financial Services Association of America, which represents 60 percent of the industry, issued the new policy Thursday, saying consumers have a right to know the costs of payday lending in simple terms.

The posters, 18 by 22 inches, will be up by January, displaying annual percentage rates and fees.

Payday lenders offer quick cash advances - for a fee - that customers are supposed to repay with their next paycheck. Borrowers who cannot repay the loan often "roll over" the loan repeatedly, leading to charges that quickly add up and lead to a cycle of debt. Customers are drawn to the lenders because, unlike banks and credit unions, they don't run credit checks.

The industry has faced lawsuits, tighter regulation from state governments and mounting criticism from national groups, including the NAACP.

"This is a very small step and perhaps one that should have been taken long before," NAACP spokesman Richard McIntire said Friday. "Whether it makes a significant difference remains to be seen."

The posters don't change the need for people to read carefully, McIntire said. "It's legalized robbery in some cases," he said.

South Carolina State Sen. Vince Sheheen, a lawyer who is suing payday lenders on behalf of customers, said the posters will not help.

"What's going on is we have people who are generally in very unstable situations financially," Sheheen said. "Literally it is window dressing."

The posters do mark a shift for the industry, Sheheen said. "They have typically called it a fee and tried to say it's not interest," said Sheheen, who also has pushed legislation overhauling payday lending regulations.

The signs aren't expected to affect business at the nation's largest payday lender, South Carolina-based Advance America Cash Advance Centers Inc., company spokesman Jamie Fulmer said. The company has long posted similar disclosures so consumers have "the information that is best for them to make their choices," Fulmer said.

Advance America is one of several lenders named in Sheheen's lawsuit, which claims the companies attract borrowers to "unconscionable loans" and trap them in an endless cycle of trying to repay the loans.

"We think those lawsuits are frivolous and we're going to vigorously defend ourselves," Fulmer said.

[wheezel3]

The trash who own those places are living it up in their communities, driving the spendy cars, going to church & showing off, etc etc while they take horrible advantage of the poor and the feeble-minded and the ill. May they rot in hell and may other states take a clue from S.C. in this case -- the politicians in Texas are in the back pockets of these people so nothing will be done there, though.

[peaceprophet]

HOPE FOR AMERICA: PRESIDENT RON PAUL

-- No more meddling in other country''s political affairs
-- No more aggressive military actions overseas
-- No more torture prisons
-- No more pseudo-wars like the "War on Drugs"
-- No more IRS and unconstitutional income taxes
-- No more Federal Reserve (the group of private banks which owns our government)
-- No more erosion of Social Security to pay for militarization
-- No more U.N. (one world government) participation
-- No more NAFTA, CAFTA, WTO or GATT
-- No more North American Union
-- No more federal gun control laws
-- No more illegal aliens pouring-in over our country''s borders
-- No more illegal aliens allowed to roam freely in our streets
-- No more national ID cards (Real ID Act)
-- No more government invasion of your privacy
-- No more federal Laws which are not authorized by The Constitution
-- No more federal erosion of State sovereignty
-- No more unlimited federal government

They don''t call him "Dr. No" for no reason. The Doctor is in! Join us in this 21st Century political revolution at ronpaul2008.com

"It does not take a majority to prevail, but rather an irate, tireless minority, keen on setting brushfires of freedom in the minds of men"
- Samual Adams

"Those who expect to reap the blessing of freedom must undergo the fatigue of supporting it."
- Thomas Paine

"Ron Paul doesn''t represent your Father''s school of political thought. He represents your Founding Fathers."
- Me

[peaceprophet]

RON PAUL TAKES ON FEDERAL RESERVE CHAIRMAN
Federal Reserve Chairman Ben Bernanke appeared before the Congressional Joint Economic Committee Chairman, Congressman Ron Paul on November 8th, and had to face some tough criticism concerning the fact that the Fed has been increasing the money supply while at the same time refusing to raise the Prime Interest Rate in order to curb inflation and devaluation of the Dollar. Paul accused the Federal Reserve of "robbery," telling Bernanke, "There''s a dollar crisis out there and people''s money is being stolen," Paul said. "People who have saved, they''re being robbed. I mean, if you have a devaluation of the dollar at 10 percent, people have been robbed of 10 percent." Federal Reserve Chairman Ben Bernanke attempted to dispel that notion by explaining, "If somebody has their wealth in dollars and they''re going to buy consumer goods in dollars, then the only effect it has on their buying power is that it makes imported goods more expensive." Paul disagreed, reminding Bernanke, "Yeah, but not if you''re elderly and you have your wealth in CDs. Their cost of living is going-up no matter what your CPI says," adding finally, "Their cost of living is going up, and they''re hurting. And that''s why the people of this country are very upset."

[earlyprophet]

RON PAUL IS THE TAXPAYER''S BEST FRIEND
If he is elected President, Ron Paul will work to abolish the Federal Reserve System as well as the IRS, returning our country to the Gold Standard. He believes, as I do, that our current Income Tax System is unconstitutional, because it is a direct tax that is not equally apportioned as The Constitution requires. Whenever taxes are raised by the federal government, it should be done as The Constitution does require--in an indirect way, which is equally apportioned. This system would benefit all of us, creating more individual wealth, and allowing us to make more decisions for ourselves about our lives. As President, Ron Paul will also work to abolish the Federal Reserve, a group of private banks, run by unelected officials, which loans our government unbacked money which they are allowed to essentially print out of thin air, making each dollar in your pocket worth less all the time, and increasing our national debt to these banks. Worse still. Most of our debt is owned by China (25%) and Saudi Arabia who finance our runaway military spending overseas. This is a threat to our nation. We need to bring our troops home from overseas, and use the trillions we would save thereby to reduce our debt, and to re-invigorate our currency. We can use this money to ensure that Social Security and other essential programs will still be solvent in the future. Vote for Ron Paul. He''s published three books on the topic of sound economics. ronpaullibrary.org

[earlyprophet]

RON PAUL IS THE NEW WAY
What we need is a President who will show us the way. Not the old way. Not the same way, but a NEW way. Think about this for a minute. What if we pulled all of our troops out of South Korea? They''ve been there for 50+ years. What if we quit worrying about Iran, but instead, realized that its having a nuclear weapon will not mean the end of the world? What if we pulled all of our troops out of the Middle-East, and brought them all home? What if we realistically addressed the National Debt, and paid attention to REALLY DOING SOMETHING about stopping illegal immigration? These are the ideas of Presidential candidate, Ron Paul. He''s a ten term Congressman and a physician who has delivered over 4,000 babies. He''s an intellectual who''s published four books, three of which are devoted entirely to sound economics and one to foreign policy. He was raised on a dairy farm in Pennsylvania as a pious Lutheran, but now he attends a Baptist church. Paul is given to mulling things over morally. Whenever he recollects the helicopter pilots he treated as an Air Force Flight Surgeon (Captain) during the Vietnam War, a war which he now says was "totally unnecessary and illegal," he laments, "They were gung-ho. I''ve often thought about how many of those people never came back." Candidates with the high level of personal integrity and proven track record of adherence to The Constitution, Congressman Paul has always demonstrated only come around once in a lifetime, if we''re lucky.

[earlyprophet]

WERE HAVING A TEA PARTY! YOU''RE INVITED
As we all know, freedom isn''t free in this country. Therefore, in the wake of our successful fundraising event of November 5th, in which we all came together to raise $4.2 million dollars for Ron Paul''s campaign, we''ve set yet another date for an even bigger fundraiser. This one will take place during on December 16th: a very important date for people who love freedom and hate tyranny to ring the Liberty Bell, and let our sold-out, globalist, political ****** and their mainstream media enablers know that good Americans are mad as hell, and that we''re not going to take it anymore. December 16th is the 224th aniversary of The Boston Tea Party: an act of protest by the American colonists against the tyranny of Great Britain where the Sons of Liberty boarded British ships and dumped crates of tea overboard into Boston Harbor. It was a key event which helped to spark the American Revolution, and we hope this event will, likewise, add additional spark to our own 21st Century political revolution to restore peace, prosperity and freedom to our Republic by helping elect a President whose record of adherance to The Constitution is unmatched by anyone in American politics. Please join us this December 16th for the largest one-day political donation event in history. Our goal is to bring together 100,000 people to donate $100 each, creating a one day donation total of $10,000,000. The time to act is now. The time for Ron Paul is NOW! TeaParty07.com

[earlyprophet]

YOU LIVE IN INTERESTING TIMES
America is tipping back way too far in her easy chair. Something BIG is about to happen, and I predict this upcoming 2008 election will be extremely pivotal. I''m not going to name any candidates. You probably already know who my favorite is. But let me make my point absolutely clear: If you think times are boring, think again. If you think the future is predictable, think again. My advice to everyone who reads this is to be thoughtful. Trust only that wisdom which is your own. 90% of mainstream media in this country is controlled by fewer than 20 different organizations. Unfortunately, they, like our sold-out political ****** in Washington, were bought and paid for by the military industrial pharmacutical complex decades ago. Therefore, they will paint pictures they want to paint, and people will open their minds to pictures they want to see. So, be skeptical. Be wise. Research issues and talking points on your own, and share what you learn with those you love. The future of your family tree may lay in the balance.

[earlyprophet]

RON PAUL SURGES AHEAD OF THOMPSON; TIED WITH MCCAIN
Republican presidential candidate Ron Paul is gaining momentum in New Hampshire and Iowa, according to a poll released November 13 by the New York Times. The Texas congressman has garnered an estimated 8 percent in New Hampshire, surpassing former GOP front-runner Fred Thompson, and is now tied with John McCain in Iowa. Polls released over the weekend by the Boston Globe in association with the University of New Hampshire Survey Center, and the Marist College Institute for Public Opinion, both confirmed Congressman Paul%u2019s support to be higher than Thompson%u2019s as well. "The polls confirm what we already know: Congressman Paul is catching on in the early primary states," said Paul campaign spokesman Jesse Benton. "His unifying message of freedom, peace, and prosperity is resonating strongly with voters in Iowa and New Hampshire, and we%u2019re rapidly gaining support nationwide." The New York Times poll was conducted November 2-12. On November 5, the Ron Paul campaign brought in a record-breaking $4.2 million online, and an additional $1 million to end the week.