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This newspaper page contains 3 articles. Subscribers can read the full text of each article.
Newspaper
Independent
Location
Long Beach, California, United States of America
Date
May 16, 1968
Page
3
Negotiators backed a compromise truth in lending measure to require written disclosure of the total cost of credit for purchases on time plans. The bill includes wage garnishment rules, an anti loansharking provision, and exemptions for home mortgages. it heads back to both houses for final action.
A hooded former New York City businessman told the Senate Small Business Committee that loan sharks charged him more than 14 000 in interest on 1 900 borrowed, forcing him to assign possible payments from a suit after his child’s accidental death. He described ongoing abuse since 1963 and said one lender urged him to obtain a 900 loan from SBA during a subway strike disaster.
A fragment from an Independent press telegram in May recalls a speaker’s justification for continuing payments to a man. The brief text hints at a larger financial dispute or obligation but offers limited context or names.
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