Tuesday, February 8, 2011

"Pay day" (predatory) lender bills rushed to committee - contact members of the legislature ASAP

My sources say that opponents got the two bills into committee quickly, before much press on their behalf could be generated. They will be heard tomorrow (Wed., Feb. 10) at 10 a.m. This probably spells defeat for HB 1223 (imposes fee and restricts customer abuse by lenders) & HB 1224 (caps the interest rate these lenders can charge), but confronting usury in South Dakota will take awhile.

Still, let members of the House Commerce & Energy Committee hear from you (you can email them right at that link), especially if you've ever been caught up in pay day or title loan situations.

Also, contact the sponsors of the Bills, Rep. Steve Hickey and Sen. Joni Cutler, if you have info or statements supportive of the bills.


The Archer of the Forest said...

Well, I contacted my congressman and he told me flat out he won't support them.

The Archer of the Forest said...

Or Legislator, I suppose is the appropriate title.

TLF+ said...

But thanks for the effort. This has to be kept on the radar. The usury people are well organized and they have most of the legislators scared to death. Their schtick is that they are providing necessary jobs and that SD will fall apart without them. Oh, and that anybody who gripes about their rip-off "industry" must be a dead beat of some kind.

Changing this will take years... I suspect that just going to Pierre will not be the solution. There will need to be lots of getting this out into the light in other venues first - but leaning into these legislators must continue as well.