Opinion: Regulate Predatory Lending

In an opinion piece last week for the Tennessean, Atlanta attorney Thurbert Baker criticizes lawsuit lending practices that prey on vulnerable consumers and evade regulation in many states. “’Crash cash’ offers are attractive to people who have few options and don’t have time to wait for the legal system,” he writes. But in addition to harming consumers, lawsuit lending poses a danger to our legal system, he contends. Baker urges Tennessee lawmakers to pass legislation such as SB 1360 by Sen. Jack Johnson, R-Franklin, and HB 1242 by Rep. Curtis Johnson, R-Clarksville, which creates a regulatory framework for lawsuit loans and caps interest rates.