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Pulling back the curtains on wage-theft enforcement in MN; Trump's latest attack is on RFK, Jr; NM LGBTQ+ equality group endorses 2024 'Rock Star' candidates; Michigan's youth justice reforms: Expanded diversion, no fees.

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Transportation Secretary Pete Buttigieg says rebuilding Baltimore's Key Bridge will be challenging and expensive. An Alabama Democrat flips a state legislature seat and former Connecticut senator Joe Lieberman dies at 82.

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Historic wildfires could create housing and health issues for rural Texans, a Kentucky program helps prison parolees start a new life, and descendants of Nicodemus, Kansas celebrate the Black settlers who journeyed across the 1870s plains seeking self-governance.

Watch Your Wallet: High Interest Loans Could Be Coming to NC

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Monday, November 20, 2017   

RALEIGH, N.C. -- North Carolina's long history of prohibiting predatory lending in the state could come to an end with a bill introduced by one of the state's own congressmen.

The "Protecting Consumers' Access to Credit Act,” introduced by Rep. Patrick McHenry, would authorize non-banking entities to partner with a national bank and charge up to triple-digit rates to borrowers. Kelly Tornow, director of North Carolina policy at the Center for Responsible Lending, explained.

"This bill allows lenders to change much higher - 100, 200, 300 percent interest - rate loans, using a rent-a-bank scheme,” Tornow said.

Currently the state has a cap of 30 percent on loans to consumers, which is supported by a variety of citizens groups, including veterans, AARP and other bipartisan organizations. McHenry and other supporters say the legislation is needed to make loans available to those who wouldn't qualify with a traditional lending institution.

North Carolina and Georgia are currently the only southern states to cap payday lending. Neighboring state Tennessee sees rates as high as 460 percent, which Tornow said creates a debt trap for those who opt for a high-interest loan.

"This affects families all across North Carolina. It's not one segment of the population,” she said. "Just because you might not take out a payday loan, your brother who might be struggling to pay his rent that month [might]. "

With 400 percent interest, a $300 loan would accrue about $45 in interest, but if the consumer can't pay it back in the negotiated time, there are often rollover fees.


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