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Monsignor Egan payday loan reform bill (HB 1100) shows government at its best

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Illinois

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Since Monsignor John Egan sat with a parishioner in 1999 and heard how she was victimized by an unscrupulous payday lender, consumer advocates, community leaders and clergy have been fighting to regulate the industry. Year after year, theyâ€™ve fallen short of passing meaningful reform.

But last year, the Community Financial Services Association, representing lenders in Illinois and across the nation, sat down with consumer advocates to craft a bill to regulate this industry for the first time. The industry came to understand the need for stable regulation to protect consumers. Consumers accepted the legitimate need for the product and financial realities of businesses. Legislators, like bill sponsor Rep. David Miller, never quit. Negotiations were tough, often acrimonious; both sides gave, and the result is legislation that will protect consumers and the industry.

Thatâ€™s government at its best.

posted by Rich Miller
Wednesday, Apr 6, 05 @ 2:35 pm

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