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House committee approves 300% interest rate debt

5/10/2012

8 Comments

 
Yesterday, the House Consumer Affairs committee approved HB 2191, which will legalize 300% interest rate debt in the Commonwealth for the first time in its history.  Amendments were added to the bill, but nothing was done to address the excessive interest rate and predatory terms of the payday loan product.   The amended bill does nothing to stop the debt trap and allows 300% interest rates to flood into the state over the internet and in store fronts. 

The committee passed the amendment despite growing opposition from Pennsylvanians around the state, and despite a letter from the Navy Marine Corps Relief Society that stated the amendments to HB 2191 did nothing to mitigate the already harmful aspects of the bill. 

Here is information about HB 2191 as it now stands:
- HB 2191, as amended, Quick Facts
- HB 2191, as amended, Doesn't Stop the Debt Trap

For a quick recap of the hearing (which was not recorded and held in a small, standing room only room) and a debunking of the arguments made the, please see this post by Mark Price at the Keystone Research Center.

Please thank Rep. Parker, Rep. Jesse White, Rep. Neuman, and Rep. DePasquale for standing with millions of Pennsylvanians and voting against 300% interest rate payday loans.  And, continue contacting your own legislators to let them know you oppose this bill. Click here to take action today!
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    • 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
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    • 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,
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    • 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
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    • Why to Steer Clear of Payday Loans
      Wall Street Journal
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    • 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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