Payday Lending Bill Dies in the Senate

Monday, April 7, 2014

Will Alabamians who depend on payday credit in emergencies or to make ends meet benefit from the state Senate's refusal to pass payday lending statewide tracking database legislation? That, is yet to be seen. But, H-B 145, which would have established a statewide database tracking individual payday lending activity while imposing a heavy fee on the industry to pay for its maintenance did die in the Senate and some are saying it is the best thing for Alabama. According to a press release, Max Wood, president of Borrow Smart Alabama, said as many as half of the state's short-term lending operations, most of them mom-and-pop enterprises, would have closed their doors if the database provision had passed, triggering as many as 2,500 job losses across Alabama and that it would have forced middle-income Alabamians to find sources of cash that are more expensive and risky.

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