Some Oklahoma House members accepted the contributions about the same time they passed a committee bill that would have legalized a type of loan sharking. The money went to lawmakers on the House Banking and Finance Committee. Documents uncovered by News 9 show that particular business has ties to organized crime. The bill would have opened the door for one company to make millions off Oklahoma consumers by charging interest rates around 240 percent. The Investigation begins in Atlanta.
Consumer advocates hate the idea.
A dirty operation and it just brings more misery than relief to anybody. But unlike the underworld loan sharks of the past, Title Loans of America doesn't have to extract high interest rates by force. It's taking the modern political highway to legalize it's fees. Lawmakers like Robert Weaver are there to help. As Chair of the powerful Oklahoma House Banking and Finance Committee, Weaver sponsored a car title loan bill last session.