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  • Payday loan provider proposal would just harm susceptible residents

    Payday loan provider proposal would just harm susceptible residents

    The harms of payday financing have already been well documented, additionally the Michigan Legislature is currently poised to give you those loan providers with another device which could cause harmful economic effects to your state’s currently vulnerable communities.

    May 27, the Michigan home of Representatives authorized House Bill 5097, authorizing a brand new long term, high cost “small” loan product by “deferred presentment solution deal providers,” better referred to as payday loan providers.