Editor’s Note: Kerry Smith, a Staff Attorney for Community Legal Services of Philadelphia was the speaker at our March Council Meeting. Ms. Smith, at that time, explained the harm of such lending legislation and how other states which have passed such wish they could turn back the clock. She urged the Council to stand up for our veterans and oppose any such legislation.
STAND WITH OUR MILITARY VETERANS: OPPOSE PAY DAY LENDING
Uninvolved Veterans, Get Off Your Derrieres and Protect Your Comrades
The Pennsylvania Council of Chapters, Military Officers Association of America, strongly opposes Senate Bill 975, the Micro Loan Program, recently introduced on May 31, 2013 to legalize payday lending in Pennsylvania at 300% interest on a two-week loan. We agree with them. The bill, which will result in such usury despite possible good intentions, has surprisingly made it out of the Senate Banking and Insurance Committee by a narrow 8 to 6 voting margin and is now on the floor of the Senate for a vote in a few more days.
Since the possibility exists for our legislators to fail to take — or are not given — the time to completely read the bills they vote upon on a Senate or House floor (let alone reflect upon their possible unintended consequences), your timely action could make the difference in their decision-making. Read the rest of this entry »