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Lawmakers: Dispose of these and move on

January 04. 2008

In the legislative session that began Wednesday, state lawmakers will confront complicated issues critical to the well-being of the state. On that list, as usual, is the need to comply with the Supreme Court's school funding decisions and reform of a state retirement system that acted as if the good times would roll forever.

To devote proper attention to those issues, among others, lawmakers should swiftly clear the calendar of bills that are retreads, lost causes or easy calls. For starters, House Bill 267, the measure that would cap the interest rate on payday and auto title loans at 36 percent, should be passed without delay.

The payday lending industry argues that demand for the loans exist - it does - and that the industry would close up shop in New Hampshire if the bill passes. That's probably true. The industry also rightly claims that people who need a small, short-term loan to keep the lights on or prevent a check from bouncing have too few options. Anyone who's been hit up for a loan by a brother-in-law would probably agree. But alternatives to payday lenders exist. There are not yet enough of them to meet the demand for quick and easy unsecured credit, but the state banking department has been urging credit unions and other potential lenders to do more to meet the needs filled by payday rates. Those lenders have begun to respond.

Credit unions tend to set minimum loan amounts in the neighborhood of $1,000, but that could change. Some limit membership to special groups like government workers or the employees of participating companies, but others are open to any New Hampshire resident. Many are listed on the website of the New Hampshire Credit Union League (nhclul.org) and several have branches in Concord or nearby communities.

The pitfalls payday lenders place in front of people who need regular loans are too deep. They trap an unfortunate number of people in permanent indebtedness and charge annual interest rates measured in the hundreds of percent. Until 1999, when the state's interest rate cap was lifted, the state did without them. It should do so again.

A few more items should be wiped off the legislative slate quickly. They include the doomed effort to repeal bills that passed with significant support last session. Among them are the approval of civil unions and the inclusion of kindergarten in the state's definition of an adequate education.

Lawmakers would also save time by approving two other issues right away: limiting boat speeds on Lake Winnipesuakee, and securing funding for the Land and Community Heritage Investment Program. The state's "pilot program" to monitor speeds failed to amount to anything. It shouldn't be used to justify delaying passage of speed limits that will go into effect next summer and make the state's biggest lake safer and more welcoming to more environmentally benign activities.

As for LCHIP, the $25 surcharge on the filing of registry of deeds documents levied last session should be made a permanent source of revenue for the program. If lawmakers find a better source of funding someday, fine. But LCHIP is one of the best ways ever found to keep New Hampshire New Hampshire. It can't perform the ongoing job it was created to do if it never knows how much money it will have or whether it will get any at all. The Legislature should spend a day or two putting these issues behind them and then move on to problems that are tough to solve.

Source : http://www.cmonitor.com

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Lawmakers: Dispose of these and move on

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