Legislative Happenings
Legislative Happenings, Politics - Tuesday, April 2, 2013 10:20 - 0 Comments
Legislature Considers New Regulations On Payday Loan Stores
A coalition of groups in Alabama is pushing legislation to place tighter regulations on payday and title loans, including limiting interest to 36 percent annually. The groups, including the Southern Poverty Law Center, Arise Citizens’ Policy Project, and AARP, say payday loans and title loans are “a paradise for predatory lenders.” At a news conference last month, representatives of the groups said interest rates can hit 456 percent annually for payday loans and 300 percent for title loans. In addition to limiting interest rates, the groups are proposing bills that limit the number of loans a borrower can get each year.
The president of the loan industry group, Max Wood of Birmingham, says 36 percent would close down businesses because that wouldn’t cover costs. He says customers would be left to deal with unregulated Internet lenders. Hopefully, the Republican-controlled Alabama Legislature will give this legislation fair hearings and will allow a vote on this bill. If that happens, the legislation will pass and the public will be the winners.
Source: CBS 8 News
- Bill Hightower Wins Special Election For Senate Seat
- Senate Democrats Ask Gov. Bentley to Expand Alabama Medicaid Program
- The Start of the 2013 Legislative Session
- Lawmakers File Lawsuit Over Redistricting Plan
- Suit Filed To Block General Fund Budget From Taking Effect
- Limited Success On Constitution Reform In Alabama
- Package Of Insurance Bills Become Law
- No More Texting While Driving In Alabama
- Comprehensive Sentencing Reform Bill Passes In Alabama Legislature
- The Court System Is Saved For Now
- A Look Back At The Regular Session In Alabama
- Bill Becomes Law And May Salvage PACT Settlement
- Redrawing Of Alabama’s Legislative District Lines
- Budget Priorities In Alabama Are Badly Misplaced
- Senator Ward Is Handling The Alex Moore Anti-Bullying Bill
- The Legislature Is At The Mid Point In The Regular Session
- Alabama May Lose One Billion Dollars In Uncollected Taxes From Online Purchases
- Constitutional Reform Commission Will Seek Changes To Two Articles
- The Regular Session In Alabama Starts
- Jere Beasley Report, April 2013
- Marc McHenry Hired As Investigator
- Title Loans and Payday Loans are Bad News for Borrowers
- Alabama to Receive $1,039,078 in Multi-State Settlement
- COSTCO Recalls Gold Coast Crab Dip
- Major Banks Assist In Payday Loans Banned By States
- We Have Allowed A Culture Of Violence To Be Created In The U.S.
- Parting Words
- Closing Observations
- Favorite Bible Verses
- WSFA News Defenders Interviews
- Beasley Allen Hosts The Child Safety Helmet Giveaway
- SPLC Looks At How Payday And Title Loans Prey On Alabama’s Poorest
- Employee Spotlights
- Natura Pet Expands Recall Of Dry Pet Foods
- Winn-Dixie Recalls Organic Apple Juice On Mold Fears
- Manda Packing Recalling 468,000 Pounds Of Meat
- Carter’s Recalls Infant Clothings With Zippers Due To Choking Hazard
- My family and I lived in Ujima Village in the 80's. My mother is now deceased. ...
- The rate has now risen to over 6%...
- Its really not easy to payback any kind of loan, I always recommend all my frien...
- Same as above, with all the nightmares. I was Modifying with Wells Fargo and i s...
- I am shocked to see what I am reading - but not surprised. I installed Certain...
- I work as a store manager and i work 60 to ninety hours a weeks please tell me s...
- I wondered why i couldn't find him on the DPS website.
Tell Marc to contact me...
- I want to be involved in this lawsuit. I was a 3rd key making $8.25 per hour wi...