SMYRNA, TN — State Representative Mike Sparks (R-Smyrna) is hitting the horn on what he describes as a systemic failure to protect vulnerable Tennesseans from predatory lending practices. During a recent broadcast, Sparks detailed his uphill battle against the high-interest loan industry, which he claims is devastating local communities.

Sparks is currently pushing a "Predatory Lending Bill" that aims to cap the astronomical interest rates often seen at title pawn and advanced finance businesses. "It shouldn't be 400% interest out there folks, and folks need to wake up," Sparks told WGNS some title loan businesses will give a customer a loan at 11% and after they miss a payment, the interest rate spikes.

The Representative highlighted a specific case involving a "Miss Helen," who was offered a loan at a bait-and-switch rate that ballooned into triple digits. Sparks stated, "She got offered a loan at 11% and they charged her 132%.” Evidently, when an inflated and penalized payment can't be made, the customers car is repossessed. The car can be taken by the late night lender because the lender holds the title to the so called “customers car” – meaning the car essentially belongs to the title loan store if the customer fails to make the increased payment...

Continuing his fight against the title loan shops, Sparks told WGNS that he sees repossessed vehicles parked behind some “predatory lender” locations with car dealer license plates on the rear of the cars...

Locally, the state representative said that the Town of Smyrna will no longer allow predatory lenders to open storefronts in their community...

Sparks criticized the silence of community leaders throughout Tennessee and media figures on the issue, suggesting that advertising dollars often stifle the conversation. He called for a return to community-focused advocacy: "The solution is people need to start caring... people got to get back to community man, there's just too much silence.".