Compromise legislation that cleared your house Monday would expand the payday lending industry in Mississippi another 2 1/2 years while reducing the same 572 % interest permitted under present legislation.

Spiritual and consumer advocates prearranged up against the bill, saying it don’t get far sufficient to guard consumers whom have locked in a cycle of financial obligation with payday advances.

Rep. John Mayo, D-Clarksdale, declared financial obligation “the brand brand brand new slavery,” prompting Rep. Omeria Scott, D-Laurel, that is black colored, to face up in the exact middle of Mayo’s flooring speech and item to their contrast. Continue reading →