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It is five times as high as Georgia allows for most regulated loans.

Someone please explain how the state has any right to interfere in an arm's-length business contract. Recently, my state's A.G. has been threatening to regulate (or eliminate) payday loans because the interest rates -- plainly stated in black-and-white on every such contract -- are "too high."

The nanny state reigns.


13 posted on 02/17/2005 6:09:42 AM PST by newgeezer (Just my opinion, of course. Your mileage may vary.)
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To: newgeezer
Someone please explain how the state has any right to interfere in an arm's-length business contract.

What about restoring the slavery for debts as it was in the free market Rome? Based on contract, you know?

15 posted on 02/17/2005 6:16:38 AM PST by A. Pole (Hush Bimbo: "Low wage is good for you!")
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To: newgeezer
I see what you are saying and I know you will never agree. But this is the sort of thing that no one in their right mind would ever do, hence the call to outlaw it.

Yeah, I know. If these people aren't stepping in it this way, they will just find another.

20 posted on 02/17/2005 6:41:28 AM PST by hopespringseternal
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To: newgeezer
Someone please explain how the state has any right to interfere in an arm's-length business contract.

While you're following that train of thought ...

Why would the state have any right to interfere when a dissatisfied customer caps one of these thieving clowns?

The answer is simple: somebody passed a stupid law that says it is illegal to kill someone else, even when they really, really need killing.

That's not just government interfering with business -- that's interfering with good social work.

27 posted on 02/17/2005 10:12:58 AM PST by meadsjn
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