State Legislature 2013 session

[eridani]

54. Hearing to be held in Olympia 3/27

There is a public hearing on this bill in Olympia on Wednesday, March 27! We need to pack the room! A strong showing of public opposition can make a huge difference. Please attend and let legislators and the payday loan industry know that we do not want or need any more unregulated, high interest loans in our state. Contact [e-mail] to sign up or to coordinate carpools.

Hearing Details
Wednesday, March 27th at 1:30 pm
Business & Financial Services Committee
House Hearing Rm B
John L. O'Brien Building
Olympia, WA

Payday lenders have no shame. SB 5312 is a thinly veiled attempt to operate outside the laws that protect consumers and families looking to access short term loans. This bill opens up our communities to remarkable risk.

http://statevoices.salsalabs.com/o/30/p/dia/action/public/?action_KEY=541

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. Right now in Olympia, payday lenders are again attempting to skirt Washington’s consumer protections, by creating a new, unregulated financial product with an interest rate of around 218% APR!

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.

Take Action: Act now to stop SB 5312 by entering your zip code and sending your lawmakers an email to oppose predatory lending!