Re: "Leave state's payday lending protections in place" (editorial, 3-6).
The News Tribune has done people in Pierce County a real service by exposing the current legislative attempt to roll back the payday lending reform enacted into law a mere five years ago.
Unfortunately numerous Pierce County legislators seem to be swayed more by the more than $100,000 in campaign contributions they received from payday lenders rather than the needs of people prayed upon by those lenders.
The Colorado law some lawmakers like to cite to justify their actions bears little resemblance to what is currently proposed here in Washington. Some analysis of the proposed law change indicates the annual interest rate could exceed 200 percent a year. How any legislator could believe a 200 percent rate to be "fair" is beyond belief.
How many payday customers have testified before legislative committees that they would welcome such an increase? While some tweaking could be done for the benefit of payday customers, the bill drafted and sponsored by Moneytree lobbyists does not do that.
Any legislator who chooses to sponsor or vote for these bills without a real hearing from the people who would be most affected can expect a negative reaction. Legislators need to hear from voters who do not want to return to the bad old days of payday lending of only five years ago.