Max Wood is the owner of numerous car title loan and payday advance loaning stores in Montgomery and other parts of Central Alabama. He also operates most of them on his own. After the Consumer Financial Protection Bureau waged a mission to destroy the likes of Max and other payday money lenders across the country, he stated that he had grown used to the countless obstructions state policymakers and lobbying politicians had tried to generate over the years in order to get him and other local payday money lenders out of business.
But even Max, a person who is used to witnessing irresponsible regulations being set up is shocked at the Alabama administration’s most recent effort to command policymakers, under the course of the now ex-Governor Robert Bentley.
Bentley is a Republican. He resigned just a while back after facing scandal, in a directive delivered the previous June, called for the foundation of the Alabama Consumer Credit Task Force.
Max Wood had said that the Alabama Consumer Credit Task Force was a party-political act, designed to harm the payday money lending industry.
During the time of Alabama Consumer Credit Task Force’s inception, Robert Bentley claimed that the complications involved in consumer credit and money lending along with the possible harm it could cause to customers apparently had augmented over the years and customers supposedly had to often come across additional charges and levies that were camouflaged in such a way as to deliver no clear direction about the minutiae of the credit products and the actual procedure of the deal.
The task force which was allotted to function under Robert Bentley’s command was to include at the very least thirty-three members from different state agencies, legislative groups and special interest and trade associations along with any supplementary appointments the governor considered compulsory and of immediate requirement.
The task force assembled by the ex-Governor was given the task of studying and identifying areas for detailed revision over the next six to seven months. The task force was expected to report its discoveries, conclusions, and recommendations to Robert Bentley by 30th January of that year. The recommendations which were given to Bentley, could in accordance with Bentley’s command, take the shape of regulatory or constitutional reforms.
At long last, a body of 35 people was called to the task force. Out of the 35 called, only three of them were representing the industry. This was perceived as a matter of disgrace and humiliation of those operating in the short-term money lending business, including Max Wood.
Max said that the majority of the task-force members were opponents of the payday money lending industry. The group of 35 people included members of activist groups, individuals, and institutions who directly competed the short-term money lenders and overall consisted of people would be against payday advance providers said, Max. He complained about the absence of any local operators or pay day money lending business representatives and any consumers who engaged in taking payday loans. He went on to say that instead of establishing a fairground for a fair approach, the task force was loaded with all the people who fundamentally hated their industry.
Many money lenders who felt cheated like Max would say that it was karma to see Bentley resign from his post as governor on April the 10th, effective instantly. He pleaded guilty to two charges of malfeasance associated with campaign finance laws. Despite the likes of Consumer Financial Protection Bureau and Alabama Consumer Credit Task Force doing everything to stop services like payday advance, its popularity among consumers is the only factor strengthening the case of payday money lenders like Max.