The Alabama Senate Banking & Insurance Committee will vote Thursday morning on legislation that would bring much needed reform the payday lending industry. SB 138, by Sen. Arthur Orr (R-Decatur), would require payday lenders to offer a 30-day term on all payday loans. If passed, the legislation would then move forward to be considered by the full Alabama Senate.
For years, the plague of predatory lending has been largely left unchecked and under-regulated in Alabama, and SB 138 is a true and fair effort to bring Alabama more in line with the lending practices in other states as it relates to the payday lending industry. Help protect your members and all Alabamians by contacting your Senator and asking them to support SB 138.