efforts across payday finance markets to Washington State prospects and committees, 2004-2021
Moneytree, a Seattle-based payday lender, recently lobbied the Washington state legislature to reduce the restrictions on payday advances passed in 2009. Two bills are introduced in the 2015 session that repeal the limit on two-week payment plans and allow installment loans. that could be repaid over a period of one year. Despite some initial triumphs, the momentum for this brand new payday financing legislation has stopped at home. While HB 1922 never escaped the House Directives committee, an alternative to SB 5899 which allowed six-month payout methods was authorized by the competent committees in both the Senate and the home, and offered the floor of the Senate. It had finally been introduced to another welcoming committee and it is now labeled “everything but it’s dead home”.
The Institute conducted its own analysis and found that contributions from Moneytree and its affiliated donors account for a significant majority of payday loan contributions in Washington over the past decadeвЂ “and much of that money has gone to Lawmakers in positions of considerable influence with media attention directed to the campaign contributions of the lender. The key lawmakers at the center of this debate are one of the primary targets of loan providers: not only are these lenders the sponsors of the bill, but some associated with the primary beneficiaries sit on the appropriate committees, especially the seating committee. The Institute’s My Legislature tool makes it almost effortless to review the efforts of individuals in particular committees. which are legislative.
The lion’s share of payday fundraising efforts in Washington go to Moneytree. Markets in general have added nearly $ 720,339 since 2004, 74% of which came from Moneytree, their workers, and Katsam, LLC, an entity professionally owned by Moneytree. This group of contributors (hereinafter referred to as “Moneytree donors”) has been mixed in the last three elections, providing $ 293,155 since 2009, 55% of the total donated by Moneytree donors since 2004.
Figure 1: Lion Loans That Are Payday
A dysfunction of the celebratory affiliate efforts associated with recipients suggests that while Moneytree donors favored the Republican outlook, the amount of money has often been directed to the partisan powers that benefit. The $ 33,025 provided to Democratic celebratory committees in Washington is paltry compared to the $ 174,930 provided to Republican committees in Washington. This imbalanced allocation of campaign funds from Moneytree donors, though, is barely representative of contributions made to prospects.
- Local Democrats received $ 68,400, nearly 15% more than their Republican counterparts. Democrats have maintained much of this chamber for more than 10 years.
- In circumstances that may not have seen a Republican governor since 1985, Democratic candidates for governor have won nearly three times as many as GOP candidates.
- Moneytree donors gave Republican candidates for the state senate $ 79,875, “a chamber controlled by the GOP since the 2013 session,” more than double the amount of their Democratic counterparts.
- Other statewide prospects racked up $ 18,138, of which 81% went to two-term Republican lawyer General Robert McKenna, who became the Republican candidate for governor of Washington in 2012.
Figure 2: Moneytree Donors’ Efforts to Washington State Strategies, by Party Affiliation, 2004-2014 *
Moneytree donors have generously contributed to lawmakers who helped pass payday funding legislation. Senator Marko Liias, the main Senate sponsor of SB 5899, has received $ 5,300 from Moneytree donors since 2004, including $ 3,800 for their 2014 reelection bid. In all, Liias had the twelfth highest total of Moneytree donors among all state nominees since 2004. Rep. Lawrence S. Springer, the main sponsor of the HB 1922 house, is certainly not far behind: he also got $ 3,800 in 2014, and has totaled $ 4,200 of effort during the period of their careers, the fifteenth largest amount to pass applicants.
SB 5899 had been assigned to chaired committees by lawmakers who have accumulated a lot of campaign money from the donors of Moneytree. Senator Donald Benton, seat of the Senate Committee on Banking Institutions, has received $ 16,175 in contributions from Moneytree donors since 2004, right next to the government. This is the former Christine in perspective since 2004. Much over 40 percent of the senator. The Benton ™ total of Moneytree donors came in when they last ran for re-election in 2012. Representative Steve Kirby, chair of this family business and financial services committee, raised $ 8,600 from Moneytree donors, the sixth-highest total among prospects in the state since 2004. KirbyвЂ Moneytree’s Complete Donors’ Complete includes $ 3,800 in its 2014 campaign.