Close the payday loan loopholes

Friends, we are closer than ever to ending legal loan sharking in Oregon. The predatory loan package has passed the Oregon House and is under debate in Salem. But the payday lenders are up to their old tricks - 138 payday loan storefronts in every corner of the state have applied spent tens of thousands of dollars to apply for a new loan license that would allow them to skirt the law unless every part of the package is passed by the legislature. They want to continue charging 500% interest rates and continue to prey on Oregon families who need emergency cash.   

The Predatory Lending Package includes four bills:

• House Bill 2203 would regulate internet, phone and mail payday loans and set up a state database on payday lending;
• House Bill 2204 will regulates some types of car title loans;
• House Bill 2005 creates underwriting requirements for payday loans; and,
• House Bill 2871 implements an across-the-board 36 percent cap on all consumer loans.

It will take all four bills to stop the payday lenders. Contact your Senator today and tell him or her to support every part of the payday loan package.