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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 a committee voted on SB 58:

Voted No Sen. Chris Elliott, R-Fairhope Sen. Steve Livingston, R-Scottsboro Sen. Randy cost, 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 must be able to count on legislators to safeguard their passions and implement policies showing their values and priorities. Unfortunately, the Banking and Insurance Committee failed in those duties Wednesday. But one disappointing vote didn’t replace the importance of significant protections for Alabama borrowers. Plus it won’t stop Alabama Arise’s strive to help make that take promo code for amscot loans place. We’ll continue steadily to build force for payday financing reform in communities over the state.

Within the meantime, we’re very happy to see bipartisan support in Congress for significant modification in the federal degree. The Veterans and Consumers Fair Credit Act (HR 5050) would set a nationwide 36% price limit on pay day loans. That could enable all Us citizens to profit from protections currently in position for active-duty members that are military their loved ones. And it also would make sure a loan that is short-termn’t develop into a sentence to months or several years of deep debt.

Arise recap that is legislative Feb. 7, 2020

The Alabama Legislature’s 2020 regular session has started, and we’re excited concerning the possibilities ahead in order to make life better for struggling Alabamians. […]

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