Cash-advance businesses maintain they perform a valuable service by making money available to people who have an emergency and are unable to get money elsewhere.
Critics say the companies are exploiting the poor.
The bill cleared the House Commerce Committee on a vote of 19-7, despite complaints from some members that it is just another way to take advantage of the poor. DeBerry is one of two Democratic legislative heavyweights behind the bill. The other is Senate Speaker Pro Tem Bob Rochelle of Lebanon, who pushed the bill through that body Monday night. Those restrictions would be lifted under the bill now moving through the legislature. Rep. John DeBerry, D-Memphis, asked Lois DeBerry if there was some way to ensure that provisions of the legislation are not abused.