I’ve heard from a lot of people since I put up my morning post and they lead me to believe that not only is there anything inconsistent with both of Rep. Ehrhart’s statements, but that he is right on both counts.
With the pending pay day legislation, there are so many safeguards, etc. to prevent individuals who have a legitimate need for these types of loans from being taken advantage of that we should not have to worry.
Likewise, the fees being imposed under the new legislation are not really the type of interest that would readily be calculable into an APR — doing so would actually be grossly misleading.
So, I apologize for second guessing Rep. Ehrhart.