Alabama Senate's vote a huge step for payday lending reform

ACPP executive director Kimble Forrister issued the following statement Tuesday, April 5, 2016, after the Alabama Senate voted 28-1 to pass SB 91, a payday lending reform bill sponsored by Sen. Arthur Orr, R-Decatur:

“The Senate’s vote for meaningful payday lending reform today was a big win for Alabama consumers. SB 91 would give payday borrowers a more realistic path out of debt by allowing them to make installment payments over time. The bill also would slash interest rates and place other overdue, common-sense limits on payday loans in Alabama.

“Today’s vote was a historic breakthrough for the growing bipartisan movement to rein in high-cost lending in our state. Now it’s the House’s turn to keep that momentum going and make life better for thousands of Alabama families.

Thanks to all the folks who contacted their senators, especially the dozens of advocates who went to the State House. Thanks to Sen. Arthur Orr, the bill sponsor, and to Sen. Linda Coleman-Madison for her help in the floor debate.”

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