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Act now: Senate Committee votes to legalize payday loans

6/4/2013

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Click here to take action now to oppose SB 975.

In a closely divided 8 to 6 vote, the Senate Banking and Insurance moved a bill, SB 975, legalizing 300% APR loans to the Senate floor despite the opposition of veterans, seniors, and faith groups and many others present to oppose the bill.
Today's hasty vote comes on the heels of the 48 page bill being filed just last Friday. The committee noted many unanswered questions in the ambiguous bill drafting,  in addition to the concerns that this will open Pennsylvania's borders to 1,000 payday storefronts.  

Both Pew Charitable Trust and the U.S. Department of Defense have noted that the state's laws are among the strongest in the country to keep out predatory payday loans. A 2010 Pennsylvania Supreme Court case held that loans made in violation of existing law are illegal, even when made on-line. SB 975 rolls back the state's longstanding protections against predatory payday loans.

It is for these reasons, in addition to the harm caused by the payday loans that will be ushered in under SB 975 --such as increased likelihood of bankruptcy and payday lenders gaining direct access to borrowers' bank accounts-- that the bill faces opposition from Pennsylvanians around the state.  In his closing statements at the hearing, Democratic Chairman Stack made a passionate plea for the Committee to do what veterans and others have asked: to reject this bill and keep our existing, strong consumer protections in place. 

Please thank those Senators  who stood with Pennsylvanians to oppose this bill: Senators Michael Stack, Lisa Boscola, Larry Farnese, Anthony Williams, Patricia Vance, and John Rafferty. 

We are disappointed in those who voted to support the payday lenders by voting yes: Senators Pat Browne, Don White, Mike Brubaker,  Kim Ward,  Jake Corman,  John Eichelberger, Joseph Scarnati, and Jim Brewster.

Click here to take action now to ask your Senator to oppose SB 975.
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    News Updates

    • Archives:
    • Letter: A Payday Loan Debt Trap,Pittsburgh Post-Gazette, 05/27/13 
    • Letter: False Claims by Lending Industry, PhillyBurbs.com, 05/24/13
    • Letter: Stop Payday Lending Legislation, McKeesport Daily News, 05/20/13
    • Another Payday Loan Debate on the Horizon, Morning Call, 5/18/13
    • Editorial: Whose Payday?, Daily News, 4/12/13
    • Editorial: Stand firm against payday loans, Erie Times-News, 03/20/13
    • Letter: PA Residents: Oppose payday loans, DelCo News Network, 03/18/13
    • Payday Loan Affordability Fast Facts, Patriot-News, 03/16/2013
    • Letter: Payday loans are like financial quicksand, Morning Call, 03/07/2013
    • Payday loans easy to get into, hard to get out of, Morning Call, 03/02/13
    • Letter: Predatory lending laws create indentured servitude, PhillyBurbs.com, 02/12/13
    • Editorial: Now or later: Payday lending is bad news for PA, Pittsburgh Post-Gazette, 10/09/12  
    • Editorial: Payday lenders looking for prey among the poor, Philly Inquirer, 10/05/12
    • Letter: Lobbyists are winning, Philly Daily News, 10/01/2012
    • Editorial: Keep ban on payday loans, Scranton Times-Tribune, 09/28/12
    • Letter: Keep payday loans out of PA, DelCo Times, 09/28/2012.  
    • Editorial: Payday lending is just in-state debt trap, Towanda Daily Review, 09/28/2012
    • Letter: Payday lending legislation bad for consumers, Morning Call, 09/26/12
    • Editorial: PA Senate Should Reject Payday Loan Bill,
      Lehigh Valley Express Times, 9/24/2012
    • Editorial: It's a no-brainer, payday bill shouldn't pass, Harrisburg Patriot-News, 9/23/12
    • Payday lenders could score with loan act, Philly Tribune, 9/16/12
    • Op-ed: Rejecting Payday Loan Bill Protects Consumers, The Morning Call, 09/15/12
    • Op-ed: Payday Loans Need to Be Opposed
      DelCo News Network, 8/28/2012
    • Op-ed: Payday lending will lead to abuses
      Erie Times,
      8/19/2012
    • Why to Steer Clear of Payday Loans
      Wall Street Journal
      07/29/2012
    • PA Payday Lending: Short-Term Loans, Long-Term Issues
      Public News Services, 5/16/2012
    • Editorial: Keep payday and predatory lenders out of Pennsylvania
      Harrisburg Patriot-News Editorial, 5/08/2012
    • Payday loans may be returning to Pennsylvania
      Allentown Morning Call, 5/6/2012
    • Predatory bill: Lawmakers would victimize low-income borrowers
      Pittsburgh Post-Gazette, 04/23/2012

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