Outpouring of Opposition does not Break Payday Lenders’ Hold on Florida Legislature as Payday Loan Expansion Bill Races to Governor
Published on March 8, 2018
Faith leaders, civil rights teams, state and community advocates’ objections fall on deaf ears as Florida home joins Senate in moving an innovative new 200% interest predatory loan bill
As an innovative new report shows payday loan providers have actually spent at the least $8 million in Florida since 2007 between campaign efforts and lobbying expenses, the home voted to pass through SB920/HB 857 today, a bill that the representative through the workplace of Financial Regulations admitted to a reporter had been proposed and “run” by the payday financing industry.
The balance, which passed the Florida Senate on a unusual saturday session called by President Negron to debate measures to handle gun physical physical violence, now heads to Governor Scott, whom could kill the measure by having a veto. The balance would twice as much quantity lenders may loan every single debtor while increasing the fee into the customer for the loans, with interest levels over 200% yearly.
Groups opposing the balance through the NAACP Florida State Conference, Florida AARP, Florida Veterans for good judgment, League of Southeastern Credit Unions, UnidosUS, Florida Conference of Catholic Bishops, Hispanic Unity, Florida Prosperity Partnership, Jacksonville Area Legal Aid, Cooperative Baptist Fellowship of Florida, 11th District Episcopal AME Church, Latino Leadership, Beaches Habitat for Humanity, Legal help of Palm Beach County, Legal help of Collier County, Catalyst Miami, Solita’s home, Raise Florida system, Legal help of Broward County, Manatee Community Federal Credit Union, Jacksonville Area Legal help, Tallahassee-Leon Federal Credit Union, Florida Legal Services yet others. Read More