VIDEO House committee deals major setback to payday, title loan reform bills | The Montgomery Advertiser | montgomeryadvertiser.com

 
House committee deals major setback to payday, title loan reform bills | The Montgomery Advertiser | montgomeryadvertiser.com.
Ok, so this is the committee hearing that I testified at yesterday.  This  public hearing was to hear comments on the proposed legislation to cap the interest rates on payday loans at 36%.  Yep, 36%.  Sound high?  Considering the current payday loan interest rates range from 200% to 780%, this is relatively reasonable.
Just to give you a little perspective, I rarely foray into the realm of politics.  I consider myself a non-political person primarily because politicians have disappointed me more times than I can count, and I am just too jaded to believe that anyone in public office is there for the good of the public interest.
Notwithstanding this lack of political excitement, I couldn’t sit back and allow something so destructive to be given a legal pass.  Well, yesterday, I got an eye-opening look into Alabama politics.  Before testimony even began I became aware that the committee of representatives had already decided to send the bill to sub-committee to die.  Although faced with overwhelming public support of payday and title lending reform, overwhelming testimony in support of reform and a bi-partisan effort to get the legislation passed, the committee decided to be persuaded by the industry money lobby who could only produce one person in opposition to the reform who basically said the consumer chose this option and therefore it should be legal.
It’s a little disconcerting to look upon a table of lawmakers who had already made up their minds and were just suffering through procedures (I swear I could see one lawmaker making a grocery list…).
Ok, all the icky political machinery stuff aside, I’m so proud of Alabama Appleseed, Alabama Arise, Alabama Republican Women, Alliance for Responsible Lending in Alabama and the Southern Poverty Law Center.  It was through the efforts of these guys along with Rep. Patricia Todd and Representative Rod Scott that we are even seeing this piece of legislation.  So, on behalf of all those people I represent that have been defrauded, harassed and lied to by the payday and title loan companies, thank you, thank you, thank you.