Hearing Today on HB150 (Installment Loan Changes)!
Thank you for all the calls that you've been making - it made a difference as we have a hearing TODAY in room 311 at the Roundhouse. According to the
schedule the hearing will begin 10 minutes after the Senate floor session and we're 2nd on the agenda. However, the bill before us is HB 6 - Tax Changes (lots of good things in that bill!) which we expect to be a longer discussion. SO, if you can attend, we're guessing that our bill will be heard anytime after 3pm. If you would like to go, our director will be leaving from Lowe's on Paseo Del Norte and I-25 at 2:00pm.
Please email her if you would like to catch a ride. We do not know what time we will return. Legislators often meet late into the evenings, so we cannot guarantee return time.
Just a refresher on the bill:
- HB 150 provides consistent language between the Banking Installment Loan Act (BILA) and the Small Loans Act (SMA). Both of these laws regulate payday lenders and passage of this bill will end confusion and loopholes in the reporting requirements.
- It defines a "new loan" so that older, more expensive loans don't continue to 'rollover'.
- HB 150 will provide transparency and needed information about this industry and how it impacts our economy. We deserve to know how often people need to borrow money and how expensive it is to borrow from small loan lenders.
If you cannot attend today's hearing, please feel free to call the Senators and leave a message to SUPPORT HB 150! We've listed them in the order that would be most helpful to get this bill passed!
Senate Corporations and Transportation Committee
Senator Clemente Sanchez, Chairman 505-986-4513
Senator Mary Kay Papen, 505-986-4733
Senator Benny Shendo, 505-986-4310
Senator Michael Padilla, 505-986-4267
Senator Bill Tallman, 505-986-4373
Senator Greg Fulfer, 505-986-4278
Senator Pat Woods, 505-986-4393
Senator William Sharer, 505-986-4381
