The vote that is‘no what’s next for payday financing reform

The vote that is‘no what’s next for payday financing reform

Here’s just exactly how the committee voted on SB 58:

Voted No Sen. Chris Elliott, R-Fairhope Sen. Steve Livingston, R-Scottsboro Sen. Randy cost, R-Opelika Sen. Clay Scofield, R-Guntersville Sen. Shay Shelnutt, R-Trussville (president) Sen. Bobby Singleton, D-Greensboro Sen. Tom Whatley, R-Auburn Sen. Jack Williams, R-Wilmer (vice chairman)

Voted Yes Sen. David Burkette, D-Montgomery Sen. Donnie Chesteen, R-Geneva Sen. Andrew Jones, R-Centre Sen. Dan Roberts, R-Mountain Brook Sen. Rodger Smitherman, D-Birmingham Sen. Jabo Waggoner, R-Vestavia Hills

Missing Sen. Will Barfoot, R-Montgomery

Alabamians should certainly depend on legislators to guard their passions and implement policies showing their values and priorities. Unfortunately, the Banking and Insurance Committee failed in those duties Wednesday. But one vote that is disappointingn’t replace the requirement for significant defenses for Alabama borrowers. Also it won’t stop Alabama Arise’s work in order to make that take place. We’ll continue steadily to build force for payday financing reform in communities throughout the state.

Within the meantime, we’re happy to see bipartisan help in Congress for significant modification in the level that is federal. The Veterans and Consumers Fair Credit Act (HR 5050) would set a nationwide 36% price limit on payday advances. Continue reading “The vote that is‘no what’s next for payday financing reform”