Predatory lending

Continuing our success locally at regulating predatory lenders we now support important bills before the state legislature to regulate the payday lending inductry ststewide. The bills crack down on predatory lending and high-cost financial services that leave families with few options for climbing out of debt. This consumer protection package:

• places limits on the fees charged by check cashing outfits and payday lenders (HB 2202, HB 2203);
  
• limits the rate of interest and fees on car title loans (HB 2204);
  
• closes loopholes for out-of-state and internet payday loan lenders (HB 2203); and
  
• strengthens licensing requirements for check cashers and payday lenders (HB 2202, HB 2205).

Also see http://www.statesmanjournal.com/apps/pbcs.dll/article?AID=/20070201/LEGISLATURE/702010323 and http://www.leg.state.or.us/press_releases/merkley_013107.pdf

It’s time to speak out again! Take action: Call, write or visit your legislator and ask them to support this legislation.

Limits on Payday Lending in Silverton

The Social Justice Commission is raising support in Silverton for a city ordinance, similar to that recently adopted by The City of Portland, to regulate payday lending. (Silverton has at least one payday lending business and we are familiar with local families who have been devistated by lending practices that the Oregon legislature has so far chosen to ignore. )

For additional information on this topic see:

http://hosted.ap.org/dynamic/stories/O/OR_PAYDAY_LOANS_OROL-?SITE=ORSAL&SECTION=HOME&TEMPLATE=DEFAULT

http://www.commissionersam.com/sam_adams/2006/02/portland_regula.html

http://www.oregonlive.com/news/oregonian/index.ssf?/base/news/1140679510169990.xml&coll=7
http://www.registerguard.com/news/2006/02/24/ed.edit.paydaycity.phn.0224.p1.php?section=opinion

http://www.leg.state.or.us/dingfelder/newsletter_05/newsletter_120505.htm