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Florida fights federal federal government regulation of payday advances, pushes own law as nationwide model

A former Florida lawmaker who was instrumental in helping the Sunshine State pass one of toughest laws protecting consumers from predatory lending is warning that the federal proposal is too heavy-handed, strips states of their rights and deprives consumers of emergency lending options as the Consumer Financial Protection Bureau embarks on a rule-making process that payday lenders estimate will put 70 percent of their industry out of business.

“People need usage of small-dollar loans when they don’t have credit, not to mention good credit, so we discovered it had been essential for them to have that access,” Kendrick Meek, a previous Democratic congressman from Miami, told The Washington circumstances.