Legal in 37 states, the business of offering short-term, high interest loans - or payday loans - is routinely gaining the spotlight in statehouses all across the country because of complaints of unfair and usury practices. As of mid-January 2007, 17 states had already introduced payday lending and predatory mortgage loan legislation.
A new report <http://www.followthemoney.org/press/ReportView.phtml?r=297> by the National Institute on Money in State Politics reveals that since the 2000 election cycle, companies and associations representing the predatory financial services industry have contributed $7.36 million to state-level candidates and party committees in 42 states.
The report, Political Payday, is part of the Institute's continuing effort to inform the debate on the role money plays in state elections and the public-policy process. It is available on the Institute's Web site, www.FollowTheMoney.org <http://www.followthemoney.org> .