By TED CARTER
The Mississippi Senate approved installmentloan legislation Wednesday that supporters say creates options for cashstrapped borrowers but has opponents stressing it expands predatory financing. Supporters of legislation authored by Sen. Rita Potts Parks, chairwoman associated with Business and Financial Institutions Committee, tout it as a way to guarantee loans that are shortterm available following the U.S. customer Financial Protection Bureau enacts sweeping brand new reforms, possibly as soon as this springtime. Whitney Barkley associated with Center for Responsible Lending said her post on Parks’ bill shows that it is another real method to trap Mississippians in a period of financial obligation. Continue reading
