In North Carolina, for example, lenders and their lobbyists overcame opposition from military commanders, who two years earlier had warned that raising rates on loans could harm their troops.
Under North Carolina’s old law, lenders could charge 30 percent on loans up to $1,000 and 18 percent on a remaining balance of $6,500. The new law allows for rates of up to 30 percent on the first $4,000 of a loan and 24 percent on the next $4,000.
North Carolina lawmakers, meanwhile, collected hundreds of thousands of dollars in donations from the consumer finance industry. Speaker Thom Tillis, who supported the bill in the House, was one of the biggest beneficiaries. Tillis, a Republican who is running for U.S. Senate, has received more money from the American Financial Services Association than any other Senate candidate, according to OpenSecrets.org.
Tillis’ campaign manager, Jordan Shaw, said the donations did not sway his voting record.
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