48th District Representative Jennifer Conlin is among those that call it predatory lending. When someone needs an immediate short-term loan, a payday lender provides the money but charges high fees and interest rates that reach up to 300%.
Conlin says payday loan businesses disproportionately impact low-income residents noting there are more of those businesses licensed in the Ypsilanti area than in Ann Arbor.
the Ann Arbor Township Democrat has introduced a billthat would require the state to study the industry and its impacts over a period of seven years.
“This is a way to try to kind of figure out in our state how many people are relying on this for short-term loans and what kind of fees they’re paying and where they’re located, just to get a real feel for what’s happening to our most vulnerable populations and how can we maybe help them in the future.”
Conlin is optimistic the bill will advance, saying there is bi-partisan support for protecting people from predatory lending.
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