Saturday, March 22, 2008

TITLE LENDING BILL ALERT!

HB 2245 Title Lending Bill [<--link to trancript of bill]

Introduced by Representatives Melody McCray Miller and Oletha Faust Goodeau
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HB 2245, which addresses Title Lending is scheduled to be heard this coming Wednesday, March 26th. The hearing will be held in the House Federal and State Affairs Committee at 1:30 p.m. in room 313-S, the Old Supreme Court room. With the hearing now scheduled your help is needed in making sure this bill gets worked in committee and out to the House floor for an open and honest debate as well as an up or down vote.

For more information or if you would like to testify please contact Jeannie Dillon, (785) 368-7166 no later than Tuesday, March 25. You may also contact me with any questions at (316) 734-1876, cell.

Respectfully,
Representative Melody McCray-Miller

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HB2245 is a great bill. It caps the Annual Percentage rate APR at 36%, offers borrowers the right to rescind the agreeement within 2 business days, and it prohibits the lenders from 'flipping' the loan into any type of new agreement or arrangement. We will be submitting testimony in support of this bill and we encourage anyone who has an interest in ending the destructive practice of predatory lending to offer their full support as well.



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