Womack on local appropriations & Payday loan interest

KTLO News: The state legislature continues to wrestle with trying to come up with a legal mechanism that would allow for the funding of local projects from the General Improvement Fund and State Senator Shawn Womack (R-Mountain Home), co-chairman of the Joint Budget Comm., finds himself in the middle of a major controversy.

A coalition of state senators has agreed to delay passage of some appropriation bills to try and make sure that state needs are properly addressed before state funds are committed to local projects. Womack was critical of the effort led by State Sen. Jim Argue (R-Little Rock). While some other legislative leaders declined to comment, Womack called it "some folks throwing a tantrum because they are not driving the bus anymore." Womack was referring to a major change in Senate and House leadership last fall. ...

Also in the Senate, is a bill sponsored by Sen. Womack that is designed to severely limit the interest rate on "payday loans." It hit a major roadblock in the Senate Comm. on Insurance and Commerce. The bill, which had passed the House by an large margin, needed five votes to move it to the full Senate, but it got only one. It can be brought up one more time in the committee. Every payday lending store in Arkansas, about 275, charge more than 17% annual interest the maximum allowed by the state constitution.

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Tags: Arkansas, Jim Argue, Payday loans, Shawn Womack