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Wednesday, January 30, 2008

Re: That Horrible Bill Josh Was Talking About

posted by on January 30 at 14:49 PM

I covered refund-anticipation loans in a few columns in 2004; at the time, Tom Rasmussen was fighting against them, and Sharon Tomiko-Santos was fighting him as hard as she could. I mean, if Seattle’s progressive South End rep doesn’t stand up for usurious payday lenders, who will? Here’s what I wrote then:

Seattle Rep. Sharon Tomiko-Santos is sponsoring a bill that would undercut a Seattle law regulating tax-refund-anticipation loans, which provide fast cash against anticipated income-tax refunds, often at astronomical interest rates. Although the law has been stripped of some of its more heinous provisions, many serious problems—including watered-down disclosure requirements, lowered penalties, and a loophole that lets other, nearly identical products escape regulation—remain. City Council Member Tom Rasmussen, who sponsored the city’s own more stringent law, seemed disappointed and a little mystified that Santos (a progressive rep) would support a law overriding Seattle’s liberal legislation. It’s interesting to note that Santos took in more than $2,000 last year from groups that represent accountants and other pro-RALs organizations during the last election: precisely the groups that stand to benefit from weakened Seattle legislation.

Looks like she’s at it again.

RSS icon Comments


Wonder why our Seattle delegation to the State is fighting so hard to hurt Seattle?

Posted by Will in Seattle | January 30, 2008 2:48 PM

I just read the title of this post, I just assumed it was Yet Another Story From ECB about the Clintons.

Posted by Karlheinz Arschbomber | January 30, 2008 2:59 PM

no, ecb is trying to gravy train on josh's post.

"I covered refund-anticipation loans in a few columns in 2004"

want a cookie?

Posted by Bellevue Ave | January 30, 2008 3:46 PM


Is it organic?

Posted by Cookie Monster | January 30, 2008 4:42 PM

lmao, i love you cookie monster

Posted by Bellevue Ave | January 30, 2008 9:04 PM

I suggest Sharon Tomikos-Santos, who is very left, and I live in her District --- I think she is more in touch with the folks in her district than the very well paid liberal city council members.

At times poorer folk need cash, like for rent and food. Tom and the other upper middle class crusaders are NEVER in that place.

A few more bucks of cost for the money is incidental to the great need. But of course, the poor can't manage their money or think well.

The middle class who pay credit card monster banks 26-31 percent interest are so fucking money management shrewd. That is where the real big time public extortion is taking place. Immoral rates on credit cards - look into it Erica.

Table the topic for the long session next year.

(And, yes, a pay day loan once saved my ass big time - well worth the fees)

Posted by Larkin | January 30, 2008 11:43 PM

Larkin, I defy you to find a responsible person who pays 26-31% who hasnt missed a payment or hasnt gone over their limit.

Posted by Bellevue Ave | January 31, 2008 9:11 AM

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