Cap Payday Lending Interest Rates
Targeting Low Income Families & Children
The fight to cap the interest rates charged by payday loans is all the talk around the Indiana State Capitol. The Indiana Coalition for Human Services of which LUM is a member has been has been fighting vigorously for this cap. The cap has gained a lot of traction and attention by advocates such as yourselves spreading the hashtag “#36IsTheFix.” Many of the payday lenders that market themselves to low income families charge anywhere from 390% – 790%. Given the severe economic harm to the most vulnerable in our state, it is vital that interest rates be capped at 36%. Since the last newsletter, Senator Breaux, Senator Stoops, and Senator Ruckelshaus have been added as co authors on Senate Bill 104. Senate Bill 84 has been referred to the Insurance and Financial Institutions committee. House Bill 1098 has been referred to the Financial Institutions committee, as well. On behalf of the Campaign for Hoosier Families, we would like to thank Representative Carey Hamilton, Senator Eddie Melton, Senator Greg Walker, and Senator Mark Messmer for authoring these bills. We would encourage them to send them a note thanking them as well. Their names and email addresses are listed below:
- State Representative Carey Hamilton: h87@iga.in.gov
- State Senator Eddie Melton: s3@iga.in.gov
- State Senate Greg Walker: senate.walker@iga.in.gov
- State Senator Mark Messmer: senate.messmer@iga.in.gov
If you have ever been personally affected by payday loans, please share your story below to help the Indiana Institute for Working Families increase awareness on this predatory lending. If you would like to show your support for these bills, please contact your legislators today.
To share your story, click HERE.
by Angela Weaver, Klinker-Alting Family Advocacy intern