Out-of-state payday lenders are pushing hard for a bill that will make Louisiana’s payday loan problem even worse, by opening the door to longer and larger payday loan debt traps in the state. Despite strong opposition by consumer advocates, last week the bill pushed by predatory payday lenders passed the Louisiana State Senate by one vote.
We just learned today that the payday loan bill (SB 365) will be heard tomorrow in the Louisiana State House Commerce Committee at 1 p.m. CT. The Federation joins the Center for Responsible Lending in calling on all our colleagues to join the urgent, all-out effort to make our voices heard: Call or email the House Commerce Committee now and urge them to vote NO on SB 365. Talking points and contact information from CRL are included below.
The passage of this predatory bill will undo so much of the great work that you all are doing on a daily basis providing financial counseling and coaching and access to safe and responsible credit. Please take a minute to share your concerns with your legislators.
ACT TODAY: Stop payday lenders’ bill to expand payday lending in Louisiana
Out-of-state payday lenders are pushing hard for a bill that will make Louisiana’s payday loan problem even worse. The bill will allow longer and larger payday loan debt traps in the state.
There is widespread opposition to this bill from faith groups, civil rights organizations, and various grassroots and community organizations. Despite these pleas, last week, the bill passed the Senate with a one-vote margin. Here is a recent article about the vote.
We just learned today that the payday loan bill (SB 365) will be heard tomorrow in the House Commerce Committee at 1 p.m. The time to act is NOW to make your voice heard.
We need you to call House Commerce Committee members today and tomorrow morning. The committee members to hear that there is opposition to this bill, but if you can only make one or two calls, please call the Chair and Vice Chair of the committee (information below).
Here is what they need to hear from you:
- You oppose SB 365 and urge the committee members to vote against the bill.
- SB 365 is a bill pushed by payday lenders who want to expand a financially harmful business practice in Louisiana. The bill is opposed by a range of Louisiana stakeholders including faith groups, community organizations, NAACP, United Way, and even local lenders.
- This bill adds a dangerous new product on top of existing predatory loans. The new loans are NOT better, merely an expansion!
- SB 365 that will allow loans of $500 to $875 for terms of 3 to 12 months, with an APR over 160%.
- Under SB 365, for a $500 loan paid over 12 months, payday lenders will collect 2 times what they lend.
- Payday lenders claim they need SB 365 to avoid new rules at the federal level. But, payday lenders are also busy in DC trying to repeal the rule altogether and are suing to stop the rule from going into effect.
Please add your voice today! Contact members of the House Commerce Committee before Wednesday at 1 pm. Tell them to Oppose SB 365!
Thank you for taking a moment to make your voice heard today!
Rep. Thomas Carmody (Chairman): firstname.lastname@example.org
Rep. Paul Hollis(Vice-Chairman): email@example.com
Rep. John Anders: firstname.lastname@example.org
Rep. Chad Brown: email@example.com
Rep. Patrick Connick: firstname.lastname@example.org
Rep. Jean-Paul Coussan: email@example.com
Rep. Kenny Cox: firstname.lastname@example.org
Rep. Cedric Glover: email@example.com
Rep. Stephanie Hilferty: firstname.lastname@example.org
Rep. Patrick Jefferson: email@example.com
Rep. Edmond Jordan: firstname.lastname@example.org
Rep. Christoper Leopold: email@example.com
Rep. Rodney Lyons: firstname.lastname@example.org
Rep. Kevin Pearson: email@example.com
Rep. Stephen Pugh: firstname.lastname@example.org
Rep. Eugene Reynolds: email@example.com
Rep. Robert Shadoin: firstname.lastname@example.org
Rep. Polly Thomas: email@example.com
Rep. Taylor Barras (Ex Officio, House Speaker): firstname.lastname@example.org
Rep. Walt Leger, III (Ex Officio): email@example.com