Moore says he can help consumers in new position

By: Jeff Anderson Email
By: Jeff Anderson Email

News 12 at 6 o'clock, July 10, 2007

The man who came up second in the 2006 race for the South Carolina Governor's mansion is going to work for an industry that many consider questionable.

Former State Senator Tommy Moore recently resigned to take a job within the payday lending industry.

Tommy Moore knows he's leaping into a business that many people cast a skeptical eye towards. But he says he wouldn't jump into it if he didn't think he could help consumers.

For nearly three decades, Tommy Moore has been a fixture in South Carolina politics. His career serving in state office began way back in 1979.

But as of July 7, that career came to a close.

"It's exciting, and it comes with a lot of different emotions and a lot of different feelings. I've spent more than half of my life doing this," Moore said.

Moore's next paycheck will come from the Community Financial Services Association which is a group comprised of several payday lender businesses.

"With about 160 members who ask for reform, who support reform and instill best practices. They're transparent. Their fees are posted on their windows," Moore said.

But there are plenty of folks who say with this move, Moore is jumping from helping consumers to hurting them.

The payday lending industry has long been stereotyped as unscrupulous. It is built on providing short-term loans at high-interest rates that some say keep people in debt instead of providing a way out of it.

Moore says this reputation is a fact of life and that's why he wants and his new bosses want reform.

"We gotta make sure if you go to one store and have a loan. We need to make sure you have a tracking and you don't go to several stores and overextend yourself," Moore said.

Moore says he knows he's taking a risk with this job, but if he can create change in this industry, he'll be helping a lot of people.

"I understand this is a challenge. I understand this is my credibility. And I want to make sure people know I’m going to do everything I can to make sure people are protected," Moore said.

There is a big payday lending bill that's set to make its way through the South Carolina Legislature when it reconvenes.

Moore says he cannot influence that piece of legislation because he is barred by law from being involved in South Carolina government for a year.

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  • by Marlene Location: Home on Jul 13, 2007 at 06:41 PM
    CountryWide,the huge national mortgage company is a huge scam. When you first call their main offices in Texas, they are very helpful and set you up with a straight deal. Then it is knowingly turned over to an unscrupulous closer who changes all the rules and terms by asking a lot of questions, such as do you want it with this percent of (what?) and tries to get you to unknowingly agree to changing the whole mortgage and closing costs where closing costs are incidulously and scandalously changed, and you may even wind up with an increasing interest only payment with a reverse payoff and equity increases year by year. They do not allow you to use attorneys to close on your loan even if you have given over power of attorney, but do not tell you this until the date of the closing, especially if you are moving from out of state. They will not send you any of your escrow money back if you refinace or other refunds they may owe you unless you have leverage. We had leverage as my husband works for a fortune 10 company who did business with them,IBM, who is a very high integrity company and no longer puts CountryWide on their lists of recommended services. Countrwide even tried to charge us $4,OOO for a bounced cashier's check in with closing costs when Bank of America held onto our cashiers check for 7 days, from the sale of our previous home in Michigan, but did not inform us until five days after they held onto the money, by snail mail. Of course we backed out of the loan and had a lot to clean up,including switching banks!This was in GA. MI has truth in lending laws, so we got or next loan from General Motors, an incredible deal. My daughter works for Quicken Loans now in MI, where she was not to do anything for a customer if its not in the customers best interest!
  • by john Location: augusta on Jul 10, 2007 at 06:30 PM
    As always, Mr. Moore is taking care of himself. No way this job can help the consumer, other than take their money in this legal highway robbery loan sharking business.
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