Oppose High Cost Small Loans (Payday lending) and Debt Settlement bills!
Dear community partners,
Please consider signing onto our letter to lawmakers encouraging them to oppose a bill that would increase predatory lending and debt settlement in our state.
Right now in Olympia, payday lenders are again attempting to skirt Washington’s consumer protections, this time by creating a new financial product. HB 1922/SB 5899 are bills that create a “new” installment loan product that is outside the scope of the current payday lending regulation. The proposed loans would be for 12 months and up to $1,000 with expensive fees and triple digit interest rates! This effort was attempted in March of 2013, and was killed by consumer protection advocates like you. We can do it again with your help.
Also, HB 1398/SB 5321 are bills sponsored by the debt settlement industry to allow debt settlement companies to operate outside of Washington’s consumer protections. National research and investigations of the debt settlement industry revealed dismal settlement rates, with many consumers having few, if any, of their debts settled. Recent federal rule changes restricting debt settlement companies from charging up-front fees before settling any debts have helped to curb some of the worst industry abuses, but that doesn’t mean we should give them free rein here in Washington.
Please let Lara know if you would like to add your organizations’ name no later than February 20, 2015.