Let me make it clear about GUEST EDITORIAL

A present visitor line into the Sarasota Herald-Tribune (“Financial regulators are paving the way in which for predatory lenders,” Sept. 2) mischaracterized Florida’s consumer-friendly regulations for short-term loans, distributing tired urban myths about a method that features worked well for millions of Floridians. Due to the fact CEO of a business that gives a selection of helpful products that are financial customers, we just take offense at that representation.

We emigrated from Scotland in 1986 and relocated my loved ones to Tampa, where we worked at a little bakery. We weren’t all that great at baking as it turns out. But exactly what we did see had been workers across the area cashing their paychecks at regional alcohol shops. We wished to provide an alternate, somewhere that supplied a secure, clean, and lobby that is friendly provided other convenient solutions particularly cash sales and bill pay. That’s exactly exactly exactly how the concept for Amscot was created.

As a result of legislation passed in 2001, Florida has some regarding the strongest customer defenses when you look at the country. Those reforms had been passed away by way of a unanimous and bipartisan set of lawmakers whom respected the necessity of preserving use of credit that is short-term while driving down unscrupulous loan providers.

The writers’ assertion why these loans “create a period of financial obligation” is cannot be entirely true. An individual may have only one outstanding loan at a time, and a mandatory cooling-off period between loans ensures that the proceeds from one loan can’t be rolled into another under Florida law.