Now that there's a Bankruptcy Law, how about Usury Law ?

[EVDebs]

U.S. Consumer Debt Grows at Alarming Rate
Debt Burden Will Intensify When Interest Rates Rise

http://www.washingtonpost.com/ac2/wp-dyn/A10011-2004Jan12?language=printer

With predatory lending and the possibility of 800% interest rates you'd think Congress would restrain the credit card companies...

"What's alarming is that doesn't accurately reflect the true distress on various segments of the American population," he (Robert D. Manning) said. Not included in the Federal Reserve figures are "new kinds of hybrid financial institutions and new loan products," such as those offered at rent-to-own stores. There, interest rates typically work out to more than 200 percent a year, and sometimes more, Manning said. In one such store catering to middle-class African Americans, he said, the annual interest rate came to 800 percent."

[kanrok]

1. Oh, no... that would make too much sense

Sort of like insurance reform is to tort "reform."

[Warpy]

2. Usury is good bidness

and that's why both states and Congress are allowing it to continue.

The NM SOS hasn't been able to get the lege to pass an anti predatory lending bill, so she managed to get funding somehow for public service announcements, pointing out how many of those scumbags set up shop right outside the state's military bases.

Some states that had a big problem with the mob in the 50s and 60s passed anit loan sharking laws. They missed that out west, so the loan sharks are legal here.

[AirAmFan]

3. The Senate voted down an anti-usury amendment 74-24, just last week

From http://www.signonsandiego.com/news/business/20050303-1507-bankruptcy.html

"Senate refuses to limit consumer interest rates

By David Espo ASSOCIATED PRESS 3:07 p.m. March 3, 2005

WASHINGTON The Republican-controlled Senate refused to limit consumer interest rates at 30 percent Thursday as it moved methodically toward passage of legislation making it harder to shed personal debts in bankruptcy. The vote was a bipartisan 74-24 to scuttle an amendment by Sen. Mark Dayton, D-Minn., who said consumers must pay interest rates as high as 1,059 percent when they borrow money. "That goes way beyond what we call predatory lending. That is 'terroristic' lending," he said. ...

All 55 of the Senate's Republicans voted against the amendment. Democrats were divided, 24 in favor and 18 against."

[EVDebs]

4. I want names and information. DUers need to know who in the Senate

are 'in league with the Devil' so to speak.

Here in CA legendary politician Jess Unruh said "If you can't take their money and vote against them, you don't belong in politics in the first place". There appears to be some in both parties who need to be shown the door.

800% usury is not to be tolerated ! States may need to start movements to assert control over interest rates if the feds won't !
States rights to protect consumers, when the feds won't is just plain common sense...

Is ANYBODY listening here at DU who can pass the word ?

[AirAmFan]

5. All you need to remember is -- thomas -- loc -- gov

Clicking through "roll call votes" on that home page will bring you to every important vote. The Dayton usury amendment rollcall is at http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=109&session=1&vote=00020