Paul Morrison's taking aim at payday lenders.
The new Kansas attorney general announced the creation of a task force to look at ways of preventing predatory lending at the neighborhood lenders. The task force will make recommendations to the Legislature, possibly including caps on the interest rates the lenders can charge.
Morrison said too many low-income residents can fall into a crushing cycle of these loans as the interest mounts.
“These businesses tend to target the most financially vulnerable citizens in our communities,” Morrison said.
Whitney Damron, a lobbyist with the Kansas Payday Loan Association, defended his clients, and said that without payday lenders, there would be no place for these people to go to get the short-sterm, small loans they need.
Holly Petraeus will lead the task force. Petraeus has worked on efforts to stop predatory lending near U.S. bases. She is the wife of Lt. Gen. David Petraeus, the top officer at Fort Leavenworth who was recently tapped to command U.S. forces in Iraq.
This was Morrison's first announcement made in his new office (the one formerly occupied by Phill Kline).
One quick observation: Gone is the Bible Kline displayed prominently on the desk.
Posted by David Klepper