AARPRI joined a group of the state's public interest advocates to testify once again on a bill to reign in Rhode Island payday lenders. These out-of-state lenders increasingly target recipients of Social Security and other government benefits, including disability and veteran's benefits. Below is the May 20th written testimony submitted by AARP@TheStateHouse volunteer Gerry McAcoy as well as video of his oral testimony.
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In April 16 testimony before the House Finance Committee, AARPRI Advocacy Director Deanna Casey and volunteer Gerald McAvoy tell lawmakers that many trapped in the cycle of payday loans are Rhode Island senior citizens. They represent, Casey added, "a growing and significant share." Payday lenders target Social Security, disability and veterans benefits.
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