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Payday lending reform gains momentum as second bill clears committee in Alabama Legislature

Payday lending reform continued to pick up steam Wednesday as an Alabama House committee approved a proposal to reduce interest rates and limit the amount that payday borrowers can borrow each year. HB 297, sponsored by Rep. Danny Garrett, R-Trussville, now moves to the House. The House Financial Services Committee weakened Garrett’s bill by adopting [...]
Issue
Payday & Title Lending Reform
Date
March 16, 2016
Author
Stephen Stetson
Blog

Alabama Senate considers payday lending reform bill but doesn’t vote on it

Payday lending reform got a debate but not a vote Thursday in the Alabama Senate. SB 91, sponsored by Sen. Arthur Orr, R-Decatur, cleared a procedural hurdle and received brief debate on the Senate floor, but lawmakers ultimately took no action on the measure. Still, the bill, which is supported by Arise and models Colorado’s [...]
Issue
Payday & Title Lending Reform
Date
March 10, 2016
Author
Stephen Stetson
Blog

Payday lending ‘compromise’ bill clears Alabama Senate committee

A bill that its sponsor describes as “a compromise” on payday loan reform emerged from an Alabama Senate committee Wednesday. SB 91, sponsored by Sen. Arthur Orr, R-Decatur, is called “Colorado-style reform,” because it models changes to consumer lending laws approved by that state in 2010. The bill now awaits a Senate vote. No other [...]
Issue
Payday & Title Lending Reform
Date
February 17, 2016
Author
Stephen Stetson
Fact Sheet

The high costs of payday and auto title lending in Alabama

How much should people have to pay to get financial help in a tight spot? Payday and auto title lending are two forms of high-cost credit marketed toward Alabamians who are desperate for short-term cash. These loans carry triple-digit interest rates that can threaten the economic well-being of borrowers who fall behind on payments.
Issue
Payday & Title Lending Reform
Date
August 13, 2015
Author
Stephen Stetson
Blog

What went well in 2015 — and the challenges that remain for Alabama

It’s over! But it’s not over yet. After approving a wholly inadequate General Fund budget that would jeopardize our state’s future, the Alabama Legislature ended the 2015 regular session Thursday. But Gov. Robert Bentley vetoed that budget, and he will call lawmakers back for a special session on the budget later this summer. Arise members celebrated some [...]
Issues
Budgets, Criminal Justice, Health, Housing, Payday & Title Lending Reform, Safety Net, Tax Reform
Date
June 12, 2015
Author
Kimble Forrister
Blog

Title loan reform bill gets hearing, but Alabama House committee doesn’t vote on it

An auto title loan reform bill finally got a public hearing before the Alabama House Financial Services Committee on Wednesday, nearly two months after its introduction. But as is customary, the committee did not vote on the bill on the same day as the hearing. A vote could come next week. HB 400, sponsored by [...]
Issue
Payday & Title Lending Reform
Date
May 20, 2015
Author
Stephen Stetson
Blog

Another win for payday lending reform as Alabama House committee OKs six-month repayment bill

Payday lending reform advocates in Alabama scored two victories at the State House on Wednesday. First, a strong reform bill (HB 531) cleared the House Financial Services Committee without opposition. Shortly thereafter, a bill to expand the maximum size of payday loans (SB 446) stalled in the Senate Banking and Insurance Committee. HB 531, sponsored [...]
Issue
Payday & Title Lending Reform
Date
May 6, 2015
Author
Stephen Stetson
Blog

Alabama Supreme Court clears way for statewide payday loan database

A single decision by the Alabama Supreme Court may cut the number of payday lenders in the state by half. In a holding without a written opinion, the court affirmed Friday that the state Banking Department has the authority to require lenders to use a common statewide databaseto help enforce Alabama’s cap on total payday loan [...]
Issue
Payday & Title Lending Reform
Date
April 28, 2015
Author
Stephen Stetson
Blog

Bills to reform payday lending, change Accountability Act clear Alabama legislative committees

Alabama borrowers would have much longer to repay payday loans under a bill that emerged from a state Senate committee Wednesday. SB 335, sponsored by Sen. Slade Blackwell, R-Mountain Brook, now awaits action by the full Senate. Blackwell’s bill would bring substantial reform to the payday loan industry in Alabama. It would extend the length [...]
Issues
Budgets, Payday & Title Lending Reform, Tax Reform
Date
April 15, 2015
Author
Stephen Stetson
Blog

Payday lending reform bill clears Alabama Senate committee

Interest rates on payday loans in Alabama would fall by more than half under a compromise payday loan reform bill that won approval in an Alabama Senate committee Wednesday. SB 110, sponsored by Sen. Arthur Orr, R-Decatur, now awaits action by the full Senate. Only one committee member – Sen. Cam Ward, R-Alabaster – voted [...]
Issue
Payday & Title Lending Reform
Date
April 1, 2015
Author
Stephen Stetson