Fair Interest Rates Bill (Law'd)

[Associate Justice PiT]

Looks good to me, I have no objections to the amendment.

     Me neither.

[Franzl]

I object to the amendment being accepted as friendly and request a vote.

Seems crazy to me to subsidize half of someone's interest simply if they're willing to attend a short course.

[Associate Justice PiT]

I object to the amendment being accepted as friendly and request a vote.

Seems crazy to me to subsidize half of someone's interest simply if they're willing to attend a short course.

     Maybe make the course longer & simply require the company to reduce the interest rate rather than subsidize it?

[Purple State]

I object to the amendment being accepted as friendly and request a vote.

Seems crazy to me to subsidize half of someone's interest simply if they're willing to attend a short course.

     Maybe make the course longer & simply require the company to reduce the interest rate rather than subsidize it?

We aren't subsidizing half of the person's interest. That would be insane. We are providing subsidies that would induce the credit card company to reduce the rate by half for that person. I hardly find it acceptable to mandate that these companies reduce their rates without incentive. That is detrimental manipulation and would likely harm those seeking credit.

[Associate Justice PiT]

I object to the amendment being accepted as friendly and request a vote.

Seems crazy to me to subsidize half of someone's interest simply if they're willing to attend a short course.

     Maybe make the course longer & simply require the company to reduce the interest rate rather than subsidize it?

We aren't subsidizing half of the person's interest. That would be insane. We are providing subsidies that would induce the credit card company to reduce the rate by half for that person. I hardly find it acceptable to mandate that these companies reduce their rates without incentive. That is detrimental manipulation and would likely harm those seeking credit.

     Isn't that what this bill already does in regards to people who are currently getting charged over 20% interest?

[Franzl]

I object to the amendment being accepted as friendly and request a vote.

Seems crazy to me to subsidize half of someone's interest simply if they're willing to attend a short course.

     Maybe make the course longer & simply require the company to reduce the interest rate rather than subsidize it?

We aren't subsidizing half of the person's interest. That would be insane. We are providing subsidies that would induce the credit card company to reduce the rate by half for that person. I hardly find it acceptable to mandate that these companies reduce their rates without incentive. That is detrimental manipulation and would likely harm those seeking credit.

     Isn't that what this bill already does in regards to people who are currently getting charged over 20% interest?

Yes, correct.

Although I can imagine supporting a maximum interest rate....but I just find it absurd to offer to pay for half of someone's interest if they're willing to attend a course. Why should the state be subsidizing somebody's poor spending habits?

[Franzl]

BTW, does the idea of banning pay day loans have any support in the Senate?

[Purple State]

I object to the amendment being accepted as friendly and request a vote.

Seems crazy to me to subsidize half of someone's interest simply if they're willing to attend a short course.

     Maybe make the course longer & simply require the company to reduce the interest rate rather than subsidize it?

We aren't subsidizing half of the person's interest. That would be insane. We are providing subsidies that would induce the credit card company to reduce the rate by half for that person. I hardly find it acceptable to mandate that these companies reduce their rates without incentive. That is detrimental manipulation and would likely harm those seeking credit.

     Isn't that what this bill already does in regards to people who are currently getting charged over 20% interest?

Yes, correct.

Although I can imagine supporting a maximum interest rate....but I just find it absurd to offer to pay for half of someone's interest if they're willing to attend a course. Why should the state be subsidizing somebody's poor spending habits?

I read it as not paying the interest as it comes about, but rather simply providing an upfront payment to incentivize the reduction of the interest rate.

[MasterJedi]

I hereby open up a vote on this amendment. Please vote Aye, Nay or Abstain.

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[Franzl]

Nay

[afleitch]

Nay.

[MasterJedi]

Nay

[Marokai Backbeat]

Nay.

So glad you could participate.

[Marokai Backbeat]

Aye

[Purple State]

Can I ask why we are opposing credit education?

Aye

[afleitch]

Nay.

So glad you could participate.

It would do you good to perhaps PM me in private and you might know why my participation has not been as active of late.

[Associate Justice PiT]

     Aye

[RI]

Nay.

[HappyWarrior]

AYE

[Bacon King]

Sorry for not voting here yet, I accidentally overlooked it. Interesting divide we have so far. I'm not entirely sure how to vote on it myself. I'll give a weak AYE.

Oh, and I'm up for banning payday loans.

[MasterJedi]

It's 5-4 and now we're waiting on either Smid or a week.

[Franzl]

I change my vote to AYE just to get things moving. I don't really want this to sit for a week.

However, I will now work to either change this bill considerably or prevent its passage entirely.

[MasterJedi]

With 6 Ayes, 3 Nays and 0 Abstentions this amendment has passed.

[Franzl]

Amendment:

Payday loans are banned. Anybody providing them is guilty of a crime punishable by up to a $500,000 fine.

[afleitch]

Amendment:

Payday loans are banned. Anybody providing them is guilty of a crime punishable by up to a $500,000 fine.

Seconded