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Bad News for Predatory Lenders

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After a ceremony at the Main Library Wednesday that was attended by an all-star assembly of legislative leaders, by Mayors Herenton and Wharton, and by other luminaries, both city and state, Governor Phil Bredesen signed into law a far-reaching bill to curtail predatory lending practices in Tennessee. Given special credit for his efforts in starting the bill toward passage was Memphis lawyer Frank Glankler, cited by one speaker as the “tough ex-Marine who said, ‘This is wrong, and we’ve got to stop it!’” Here Glankler gets a congratulatory handshake from Bredesen. The bill restricts high-interest lenders from charging excessive fees and rapid refinancing and provides appropriate penalties.

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