State Senator Isadore Hall’s Pay Day Pay-for-Play
Adding to a growing list of pay-for-play schemes found in his campaign finance reports, a recent analysis discovered that State Senator Isadore Hall has reported $35,272 in campaign contributions from payday lending companies and their executives between the years 2008 and 2015.
In exchange for tens of thousands of dollars in campaign contributions, Senator Hall has been a vigorous advocate for the advancement and expansion of the payday loan industry.
For example, Senator Hall voted to increase the maximum loan amount payday lenders could offer from $300 to $500 while in the State Assembly (AB 377 and AB 1158).
There was intense opposition to both of these bills from consumer rights advocates. The Center for Responsible lending pointed out that most borrowers did not even need more than $300 per loan. These provisions were just an attempt for the payday lending industry to get more money from desperate customers.
Pay day loan companies are notorious for pushing people with financial troubles into high-risk loans that are nearly impossible to pay off. The annual percentage rates (APR) on payday loans average about 400% and often reach as high as an astounding 5,000%.