(DeSoto County, MS) Lou Barth worked next door to Horn Lake Kwik Cash for years before she ever needed their services for a loan, ”I was short for some medicine on my fixed income and I worked a wall away.”
She’s not alone.
Kwik Cash owner, Dominic Bianchi says he provides an important service, ”In between paydays, if they need extra, we just provide them with that so they don’t overdraft”.
In fact, there’s such a need, even companies like Walmart provide some of the same services.
But, a move to change regulations of these businesses has caused lots of controversy.
There’s a bill in Congress that would allow check cashing companies to get a Federal charter and escape tighter State regulation.
Mississippi Attorney General Jim Hood is among 40 officials nationally opposing the move, “By preempting state laws, the proposed legislation would impede state efforts to immediately and directly protect consumers from harm.”
While some in the business want fewer restrictions, Bianchi doesn’t mind the state rules, ”I think the State of Mississippi does great with what’s going on right now. I think they need to keep it just like that, keep the Federal government out of it.”
Some customers say they fear Federal oversight might lead to abuses and shady businesses, at a time when they need honest and fair deals.
”When people have that kind of reason or if it’s something that critical or that important between say, two days before pay-day, I think they’re very important.”
Tennessee and Arkansas officials agree and have joined Hood’s opposition to the Congressional bill.