HIGH ALERT: Call Governor Now about Payday Lending
Updated March 13, 2018
From our friends at Florida Prosperity Partnership
SB 920, the Pay-Day Loan Expansion Bill, was sent to FL Governor Rick Scott on Monday, March 12.
He has 15 days to either veto or sign the bill. If he does neither, the bill becomes law at the end of the 15 days.
The governor could sign the bill anytime.
Please call his office immediately and tell the governor to veto SB 920.
What is SB 920?
* The Bill doubles the amount of debt that can trap low-income consumers in a never-ending cycle of loans.
* The Bill increases what borrowers will pay for these loans over current law, and is 208% APR.
* The Bill is a step in the wrong direction for all Florida consumers . . . especially those served by FPP coalition financial social work professionals!
Here’s who to contact:
Office of Governor Rick Scott
State of Florida
400 S. Monroe St.
Tallahassee, FL 32399-0001
Raise your voice one last time against this predatory payday loan bill!
Spread the word on social media – cut and paste your favorite tweet!
Congress protects active-duty military from payday lending with a 36% cap on interest, but new payday lender bill would make FL’s 1.5m vets and their families subject to a new 200% interest debt trap product. Tell @FLGovScott #VetoSB920 #StopTheDebtTrap https://www.flgov.com/contact-gov-scott/
Payday lenders already strip $300m+ per year from Floridians. They design their loans as traps to keep customers in debt for as long as possible. 83% of loans go to people with 7+ loans per year at 200+% APR. New bill just makes it worse! #VetoSB920 http://www.responsiblelending.org/sites/default/files/nodes/files/research-publication/crl_perfect_storm_florida_mar2016_0.pdf
“In 2011 payday lending in Florida had a negative impact of more than $76 million in lost economic activity, and resulted in the estimated loss of 1,117 jobs.” Tell @FLGovScott #VetoSB920 #StopTheDebtTrap http://ww1.insightcced.org/uploads/assets/Net%20Economic%20Impact%20of%20Payday%20Lending.pdf
Payday borrowers age 65 and older more than doubled from 2005 to 2015 (a 152.9% increase). Borrowers 65 and older were the fastest growing age group of borrowers over this period. Tell @FLGovScott #VetoSB920 #StopTheDebtTrap http://www.responsiblelending.org/sites/default/files/nodes/files/research-publication/crl_perfect_storm_florida_mar2016_0.pdf
Tell @FLGovScott don’t be #LoanSharkScott. Floridians agree triple-digit interest payday loans are not helpful, but harmful—except #FLleg folks who take huge donations and repeat payday lenders’ smooth lines. #VetoSB920 #StopTheDebtTrap http://protectingyourpocket.blog.palmbeachpost.com/2018/03/05/payday-lender-bills-poised-to-pass-after-8m-spending-report-says/
Report from @FCAN and @EveryVoice shows payday lenders have spent at least $8m since 2007 on campaign contributions and lobbying. So of course both FL House and Senate passed their “buypartisan” bill legalizing 200% interest. http://protectingyourpocket.blog.palmbeachpost.com/2018/03/05/payday-lender-bills-poised-to-pass-after-8m-spending-report-says/
A state agency spox admitted to @MiamiHerald that payday lenders ran the expansion bill just passed by #FLleg. She said: “It was an industry-proposed bill, it was an industry-run bill. We weren’t running the show here.” Tell @FLGovScott to #VetoSB920 http://www.miamiherald.com/news/politics-government/state-politics/article203841809.html