The ‘no’ vote and what’s next for payday financing reform

The ‘no’ vote and what’s next for payday financing reform

Here’s how the committee voted on SB 58:

Voted No Sen. Chris Elliott, R-Fairhope Sen. Steve Livingston, R-Scottsboro Sen. Randy Price, R-Opelika Sen. Clay Scofield, R-Guntersville Sen. Shay Shelnutt, R-Trussville (president) Sen. Bobby Singleton, D-Greensboro Sen. Tom Whatley, R-Auburn Sen. Jack Williams, R-Wilmer (vice chairman)

Voted Yes Sen. David Burkette, D-Montgomery Sen. Donnie Chesteen, R-Geneva Sen. Andrew Jones, R-Centre Sen. Dan Roberts, R-Mountain Brook Sen. Rodger Smitherman, D-Birmingham Sen. Jabo Waggoner, R-Vestavia Hills

Missing Sen. Will Barfoot, R-Montgomery

Alabamians should certainly depend on legislators to guard their passions and implement policies showing their values and priorities. Wednesday sadly, the Banking and Insurance Committee failed in those duties. But one vote that is disappointingn’t replace the requirement for significant defenses for Alabama borrowers. Also it won’t stop Alabama Arise’s strive in order to make that take place. We’ll continue steadily to build stress for payday financing reform in communities throughout the check into cash loans fees state.

Within the meantime, we’re very happy to see bipartisan help in Congress for significant modification in the federal level. The Veterans and Consumers Fair Credit Act (HR 5050) would set a nationwide 36% price cap on pay day loans. That could enable all People in the us to profit from defenses currently set up for active-duty army users and their own families. Plus it would guarantee a loan that is short-termn’t become a phrase to months or many years of deep financial obligation.

Arise legislative recap: Feb. 7, 2020

The Alabama Legislature’s 2020 session that is regular started, and we’re excited in regards to the possibilities ahead to create life better for struggling Alabamians. Arise’s Pres Harris describes why we need us at Legislative on Feb. 25 day. She additionally highlights some early progress on payday lending reform.

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