Take Action – Support House Bill 182

13 01 2011

Payday Lending Bill Needs Your Voice – Take Action for Kentucky

The push for a 36% rate cap needs your phone call to your state Representative.  The call is toll-free and takes minutes: 1-800-372-7181

Please share this message with your organization’s members and friends.

Quick Updates:

  • KCRL joined with Rep. Darryl Owens for new conference in support of House Bill 182. KCRL released new public opinion polling showing 73% of KY voters support a 36% cap on payday loans.
  • Rep. Jeff Greer, Chair of House Banking & Insurance has rescheduled the HB 182 hearing to Wednesday, Feb. 16 at 10:00 a.m. in Capitol Annex Room 149.
  • Rep. Darryl Owens (Louisville) filed House Bill 182 seeking a 36% cap on payday loans interest rates; 24 House co-sponsors signed-on;
  • House Speaker, Rep. Greg Stumbo (Prestonsburg), is quoted as saying the “data is in on payday lending”;
  • Rep. Jeff Greer (Brandenburg), Chair House Banking & Insurance Committee has publically spoken favorably about hearing HB 182 in B&I Committee;
  • Lawmakers return to Frankfort on February 1 for Part II of their 30-day session;
  • We’ve come this far because of your efforts, and we need to keep getting the message out. 

What You Can Do:  Contact your state representatives before February 1st.

Today, our message is simple:

  • As long as the state permits 400% interest rates on payday loans, families’ economic recovery will be hampered.
  • The database shows that right here, right now, payday loans are long-term debt, not the quick easy fix they claim.
  • Waiting will not help. The new data makes the case for capping the rates at 36%, just as Congress has done for the military and 17 states have done.

Connecting with Legislators:

Call – Governor Steve Beshear: 1-502-564-2611

Call – Senators and Representatives toll-free on their Legislative Message Line:

1-800-372-7181 • TTY Messages 1-800-896-0305 • En Español 1-866-840-6574

Find your representatives in the General Assembly online: www.lrc.ky.gov

Send your representatives email: http://www.lrc.ky.gov/Mailform/mailform.htm

Find KCRL on Facebook http://www.facebook.com/kyresponsiblelending

The LRC Message Center is open Monday – Thursday from 7:00 a.m. to 11:00 p.m. and Friday from 7:00 a.m. to 6:00 p.m.  If you are calling your own Representative, make sure to let him or her know you’re from their district.  For each Rep, we’ve listed the counties they represent (below). (Telephone operators will deliver your message to your legislators. 

Action message for the Representative Jeff Greer – Chair Banking and Insurance Committee: The payday loan bill (HB 182) deserves a hearing!

Rep. Greer, Kentucky families deserve strong protection from the high costs of payday loans.  They shouldn’t have to wait.  Please schedule HB 182 for a hearing and support its passage.

Action message for Banking and Insurance committee members (see list below with links)

Please support HB 182, and cap payday loans with a 36% interest rate.  Kentucky families deserve strong protection from the high costs of payday loans.  They shouldn’t have to wait.

 House Banking and Insurance Committee and the counties they represent.  Click through to email them!

Member Counties
Rep. Jeff Greer [Chair] Bullitt, Hardin, Meade
Rep. James R. Comer [Vice Chair] Cumberland, Green, Metcalf, Monroe
Rep. Will Coursey [Vice Chair] Lyon, Marshall, McCracken (part)
Rep. Ron Crimm [Vice Chair] Jefferson (part)
Rep. Mike Denham [Vice Chair] Bracken, Fleming, Mason
Rep. Brent Housman [Vice Chair] McCracken (part)
Rep. Steve Riggs [Vice Chair] Jefferson (part)
Rep. Kevin Sinnette [Vice Chair] Boyd (part)
Rep. Johnny Bell Barren, Warren (part)
Rep. Dwight D. Butler Breckinridge, Bullitt (part), Daviess (part), Hancock, Hardin (part)
Rep. Robert R. Damron Fayette (part), Jessamine
Rep. Ted Edmonds Breathitt, Estill, Lee
Rep. Joseph M. Fischer Campbell (part)
Rep. Danny Ford Lincoln, Pulaski (part), Rockcastle
Rep. Jim Gooch Daviess (part), Hopkins (part), McLean, Webster
Rep. Sara Beth Gregory McCreary, Pulaski (part), Wayne
Rep. Mike Harmon Boyle, Washington
Rep. Dennis Horlander Jefferson (part)
Rep. Dennis Keene Campbell (part)
Rep. Adam Koenig Boone (part), Campbell (part), Kenton (part)
Rep. Brad Montell Shelby, Spencer (part)
Rep. Sannie Overly Bath, Bourbon, Fayette (part), Nicholas
Rep. Ryan Quarles Fayette (part), Scott
Rep. Jody Richards Warren (part)
Rep. Arnold Simpson Kenton (part)
Rep. Wilson Stone Allen, Simpson, Warren (part)
Rep. John Tilley Christian (part), Trigg (part)
Rep. Ken Upchurch McCreary, Pulaski (part), Wayne
Rep. David Watkins Henderson (part)
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Final CAC Public Hearing Next Week in N.KY

6 11 2010

Consumers’ Advisory Council Holding Final Public Hearing Looking at Payday Loans

Council members will hear testimony and details on state’s payday lending business, economic impact and consumer protection. The hearing is open to the public and consumers are encouraged to attend and discuss their expereince with payday lending.

The Council’s final regional hearing on payday lending is being held in Newport. Testimony and comments will be heard from consumers, representatives from the Department of Financial Institutions, consumer advocates and deferred deposit industry representatives have been invited.

Who: Consumers’ Advisory Council, Consumers, Department of Financial Institutions, representatives of the Deferred Deposit Industry, CLOUT (Citizens of Louisville Organized & United Together), Kentucky Coalition for Responsible Lending.
What:   Public forum
Where: Brighton Center’s Family Room 799 Ann Street Newport, Ky 41071
When:  Tuesday, November 9, 2010   1:00 p.m. to 3:00 p.m.

Why: Payday lending in Kentucky is a multi-million dollar industry with operations in every county. KCRL welcomes the Council’s interest in this important consumer issue. The Council agreed to conduct these hearings on behalf of consumers. The sixteen member Council’s statutory function is to aid in the development of preventive and remedial consumer protection programs.





Q&A: What is a payday loan?

28 10 2010

According to the KY Deptarment of Financial Institutions:
“A payday loan, also called a deferred deposit, is issued when a financial institution (a payday lender or check casher) agrees to provide cash in the amount of the customer’s next expected payroll check for a fee. These short-term loans are required by state law to be paid in full before another one can be issued, and customers may not have more than two payday loans totaling $500 at a time. Internet payday lenders are not regulated in the state of Kentucky and are therefore illegal.”

Learn more at the Consumers’ Advisory Council’s  final public hearing in N.KY on Tuesday, Nov. 9 from 1:00 – 3:00 pm at the Brighton Center ~ 799 Ann St. in Newport.





Public Hearings Set to Talk about Payday Lending

6 10 2010

What’s the Real Cost of Payday Lending in Kentucky?

Public Invited to Speak, Listen & Learn at Local Hearings

Kentucky’s Consumers’ Advisory Council along with the Attorney General’s Office of Consumer Protection has scheduled three public hearings to gather facts and take public testimony on the issue of payday lending.  The hearings are free and open to the public.

KCRL expects Kentucky’s General Assembly to deal with payday lending practices again in it’s 2011 Regular Session.

Read more about the economic cost of payday lending in your county at http://bit.ly/bmwxyU

Louisville – October 13, 2010  2:00-4:00 p.m.

Location: St. Michael’s Catholic Church, 12709 Taylorsville Road ~ 40299

Lexington – October 27th  2:00-4:00 p.m.

Location: Shiloh Baptist Church, 237 East 5th Street ~ 40508

Newport – November 9   1:00 -3:00 p.m.

Location: Brighton Center, 741 Central Avenue ~ 41071

The Consumers’ Advisory Council has invited testimony from consumers, the Department of Financial Institutions, the Kentucky Coalition for Responsible Lending, and representatives from the payday loan industry.

The Kentucky Coalition for Responsible Lending is a diverse, statewide coalition of more than 60 organizations representing hundreds of thousands of Kentuckians.  KCRL supports new law capping payday loan interest rates at 36%  just as Congress passed for our nation’s military families.