SB 138 was passed out of the Alabama Senate Banking & Insurance Committee this morning. This legislation, sponsored by Sen. Arthur Orr (R-Decatur), would require payday lenders to offer a 30-day term on all payday loans. This legislation represents meaningful change to the payday lending industry that has been largely left unchecked and under-regulated in Alabama.
The next step is for the bill to be placed on the special order calendar and be voted on by the entire Alabama Senate. The LSCU Advocacy team will be working to have it on the floor as soon as possible.
LSCU will continue to follow this breaking story and provide you with more information as it becomes available. If you have any questions, please the feel free the LSCU Advocacy staff directly.