Gov. Wes Moore on the power of BLACK HISTORY

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A Democratic Governor Lends A Hand To Loan Sharks

Maryland Governor Wes Moore just approved a new carveout exempting predatory payday lenders from state regulations.

www.levernews.com

A Democratic Governor Lends A Hand To Loan Sharks​

Maryland Governor Wes Moore just approved a new carveout exempting predatory payday lenders from state regulations.

Thanks to Democratic Gov. Wes Moore, a bill that exempts certain payday lenders from state laws protecting borrowers from exploitation and discrimination just became law in Maryland. Earned wage access lenders target mostly low-wage workers by fronting them their paycheck earlier with sky-high interest rates and excessive fees. Those predatory tactics have been somewhat reined in by Maryland regulations — but they now won’t apply to the growing payday loan market.

• Moore allowed the bill, which passed the legislature in April, to become law at the end of May without an official signature of approval.
• This comes after Moore himself noted that the law’s exemptions would allow payday lenders to avoid racial discrimination laws.