That is the question asked over on Friends of the U.S. Chamber. Two of the responses:

Reed Hadley - Ontario, CA

If they proceed with their 36% cap on all consumer loans it will close all pawnshops, The APR cap works for annual loans but we make monthly loans and if passed for $100 we would get $1.80, the ticket we write the loan on cost $2.00, not to mention the employee writing the ticket and the building and security to store the items. We make loans to thousands of people who will have no place to turn for money to survive. They will end up borrowing money from some guy in a garage and paying 3 times what they pay now while the Democrats pat each other on the back saying what a great job they did. It would also close all the Rent to Own stores. To the people who use them it is the only way they will ever have a Flat Screen TV, or new washer & dryer. They know what the interest is but are willing to pay it because they can't qualify for bank loans. We don't need a Nanny in Washington to tell us how to handle our finances, and with their track record on money how could they think for a moment they know what we need.

Tague Moehn - Burnsville, MN

Good Day: I have been in the mortgage industry for over 25 years and have always found it to be an honorable profession. Sure, there were people who abused the system, but they were actually few and far between. As I type this letter I am completing the documentation for an FHA 30 yr fixed rate loan. There are currently 37 pages of disclosures the customer must sign. When I started, there were 7 FHA specific documents. The pending legislation will actually increase the total number of disclosure items as most appear to be written by attorneys. A mortgage is the responsibility of the homeowner. They state they will make a certain number of payments on time in order to keep their home. Government must not become involved in every aspect of our economy, thus I strongly urge defeat of this legislation. The new HVCC act enacted in July 2009 has done nothing other than to add to the expense of a customer getting a quality appraisal at a fair price. When you eliminate competition and make lenders only go to a small specific group, i. e. the 3rd party appraisal companies, RELS, LSI, etc. , you allow them to set the terms and price. Where before the client could shop around for his/ her appraiser to secure the best price, this is no longer possible. Before an appraisal cost about $325, it now costs $400-450. There is no option other than to pay this high cost and why, because the Federal Government has dictated this nonsense! Please, do not enact this type of legislation. Let the people make up their minds as to the type of loans they want. The mortgage industry has already removed many of the most risky loans, people make up their decisions, not the government! Thank you!