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The Mechanics
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Illinois Fri May 29 2009

Payday Loan Reform Dies a Death--For Now

I know this isn't exactly Roland Burris yelling at Chris Matthew or anything, but I do wish that our local news outlets--the Grown Up Important ones--would spend any meaningful time covering Springfield for something other than budget fights and corruption scandals.

Thankfully, there's Progress Illinois, which has been keeping a close eye on the effort to reform the usurious payday lending industry. They've got some bad news for us today:

On Tuesday evening, the industry won out again as the House Executive Committee rejected Rep. Julie Hamos' (D-Evanston) SB 1435, which would have established reasonable interest rate caps and fair finance charges on these largely-unregulated loans. Eight members of the committee voted "Present." "It's a big disappointment for those who have been working hard on the issue for years," Hamos told us from the House floor yesterday.

Unbelievable. Eight present votes? Go read Adam Doster's whole piece.

 
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hitbyasnowmobile / June 4, 2009 11:51 AM

No matter who was actually present, the bill would have gone the same way. We need to see the landscape for what it is, and that banning out short-term lending still doesn’t address the core issue of why people demand the product in the first place. Priorities!

tiffany / September 22, 2009 4:41 AM

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Feature

Parents Still Steaming, but About More Than Just Boilers

By Phil Huckelberry / 2 Comments

It's now been 11 days since the carbon monoxide leak which sent over 80 Prussing Elementary School students and staff to the hospital. While officials from Chicago Public Schools have partially answered some questions, and CPS CEO Forrest Claypool has informed that he will be visiting the school to field more questions on Nov. 16, many parents remain irate at the CPS response to date. More...

Civics

Substance, Not Style, the Source of Rahm's Woes

By Ramsin Canon / 2 Comments

It's not surprising that some of Mayor Emanuel's sympathizers and supporters are confusing people's substantive disputes with the mayor as the effect of poor marketing on his part. It's exactly this insular worldview that has gotten the mayor in hot... More...

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Mechanics is the politics section of Gapers Block, reflecting the diversity of viewpoints and beliefs of Chicagoans and Illinoisans. More...
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