House committee approves 300% interest rate debt

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!