There is currently a controversial bill, HB267, awaiting final action by the legislature which would limit the effective interest rate pay-day and title loan lenders could charge their customers. The net effect of this legislation is undisputed: more than 100 business will close and hundreds of people will be out of jobs.
Governor Lynch says he supports the bill because he feels the lenders are charging too much. Never mind that there has never been a complaint filed against these businesses and that nearly all customers pay back the loans on time. Or that in some cases the fees charged are less than what a bank or credit card company would impose. Not to mention the potential damage to your credit rating for missing a payment to a credit card or mortgage company, a situation a payday loan could prevent.
People from all walks of life and from all across the state make use of these loans. The payday and title loan businesses provide a needed service to our fellow citizens, but some politicians don't like it so they will shut it down, potentially forcing people into the black market.
Apparently Lynch doesn't see the hypocrisy of taking his "rapid response team" to the latest photo-op of a mill closing down or filing frivolous lawsuits against businesses that close too fast and lamenting the loss of jobs, while at the same time supporting legislation he knows will destroy more than 200 middle-class jobs in NH. All this while we worry about the economy slipping into recession.
We call on the legislature to reject HB267 and for Lynch to veto this legislation should it ever reach his desk.