Alabama House vote on payday loan bill a good first step

Arise Citizens’ Policy Project executive director Kimble Forrister issued the following statement Thursday, March 13, 2014, on the Alabama House’s 93-1 vote for HB 145, which would create a statewide common database of payday loans:

“The House voted today to help protect working Alabamians from falling into crippling debt. We’re pleased to see the House’s overwhelming support for a statewide common database for payday loans. This reform will make it possible to enforce current law and help keep borrowers from racking up thousands of dollars in high-interest debt.

“Alabama still needs to limit interest rates on payday loans to something far more reasonable than the current 456 percent APR. But today’s House vote is a good first step toward protecting borrowers and communities from the high costs of high-interest loans.”

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