Tuesday, January 23, 2018

ACTION ALERT: Despite clear polling support for more regulation, bill to expand payday lending moves to key committee vote Wednesday, January 23rd

Public opinion is extremely clear: Hoosiers want to see reforms to payday lending. But HB 1319, set for a hearing in House Financial Institutions on Wednesday, January 23rd at 3:30pm, would actually move in the opposite direction. Currently, payday lenders can only offer installment loans if they remain under Indiana's criminal loan sharking law, which caps fees and interest at 72% APR. This new bill would allow them to offer larger, longer-term loans at over 200% APR.

Last year, 19 individuals testified against a similar bill in the Senate, including the Indiana Military / Veterans Coalition, faith leaders, former payday borrowers, financial counselors, and other human service organization representatives. The bill died in committee by one vote. Read more about this dangerous new product, public policy polling on this issue, and the Institute's research here.

CALL YOUR REPRESENTATIVE on the House Financial Institutions Committee and ask them to vote NO ON HB 1319!

Burton, Woody (Chairman)
317-232-9648
Beumer, Greg
317-234-9028
Culver, Wes
317-234-9380
Ellington, Jeff
317-234-3827
GiaQuinta, Philip
800-382-9842
Hamilton, Carey
317-232-9781
Heaton, Robert
317-232-9981
Heine, Dave
317-232-9833
Moed, Justin
800-382-9842
Schaibley, Donna
317-234-2993
Shackleford, Robin
800-382-9842
Speedy, Mike
317-232-9863
Washburne, Thomas
317-232-9648

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