State Legislature 2013 session

[eridani]

24. Protect Washington from Predatory Lenders--oppose SB 5312

Outrageous.

The payday lending industry has no shame in its quest to circumvent the law of our state and make outrageous profits off of our communities. It is sadly predictable that the payday lenders are resorting to deceptive tricks to avoid playing by the rules. Right now in Olympia, payday lenders are again attempting to skirt Washington’s consumer protections, this time by creating a new, unregulated financial product.

We will not let the shameful payday lenders trick us turning our backs on our communities!

After Poverty Action led the way in passing landmark legislation to regulate the payday lending industry, payday lenders have now decided to change the rules of the game by creating a “new” loan product that is outside the scope of current regulation. SB 5312 would allow lenders to offer installment loans that carry triple digit interest rates and outrageous fees. Allowing this “new” (in name only) product,would create a payday lending industry on steroids that could ensnare thousands in a devastating cycle of long-term debt.

Payday lenders have no shame. With SB 5312, they have made it clear that they believe they can just write new rules if the old ones are not sufficiently slanted in their favor.

We’re not going to let that happen. We won’t let them win. We need your help

Take Action: Act now to stop SB5312 by entering your zip code and sending your lawmakers an email to oppose SB5312!
http://statevoices.salsalabs.com/o/30/p/dia/action/public/?action_KEY=479