Moneytree, A seattle-based payday loan provider, recently lobbied the Washington State Legislature to cut back restrictions on pay day loans enacted in ’09. Two bills had been introduced through the 2015 session that will repeal the limit that is two-week payment plans and authorize installment loans that might be paid during the period of per year. Despite some initial success, the push of these brand new payday lending guidelines stalled inside your home. A substitute for SB 5899 that authorized six-month installment plans was approved by the committees of jurisdiction in both the senate and the house, and passed on the senate floor while HB 1922 never escaped the House Rules Committee. It had been finally introduced to a different home committee and it is now being labeled вЂњall but that is dead the home.
The Institute conducted its own analysis and found that contributions from Moneytree and its affiliated donors represent a sizable majority of payday lending contributions in Washington during the past decadeвЂ”and much of that money went to lawmakers holding positions of considerable influence with media attention directed at the lenderвЂ™s campaign contributions. Continue reading →