They lined legislators' campaign coffers – both parties, although they switched the majority of their generous “donations” from Democrats to Republicans last election season when it became apparent that the GOP tide was running high. According to Democracy North Carolina, donors affiliated with the lending industry gave more than $172,000 to legislators during the last election – including $13,000 apiece to House Speaker Thom Tillis and Majority Leader Paul Stam.
The state banking commissioner, Joseph Smith Jr., said the current law is sufficient. It allows lenders to make a nice profit from higher-risk loans while protecting consumers from predatory interest rates.
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