The payday lending trap has been shorting working families to the tune
of nearly $5 billion
per year ever since the industry exploded onto the scene in the
1990’s. The number of payday lending institutions has jumped
exponentially from 500 in 1990 to about 22,000 today (compared
with 14,000 McDonald's), mainly targeting low-income African
American and Latino communities.
The state made solid reforms this session, tapping some new revenue to
address the budget crisis, making needed reforms in health care, and
notably becoming another state to approve gay marriage legislation.