Committee passes payday lending legislation

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 […]

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.

Jared Ross, SVP of Association Services
Jason Cochran, Senior Director of Government Affairs
Blake Westbrook, Political Affairs Manager

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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