League President Rick Pillow reports that SB 905 and SB 769 have passed the Senate Commerce and Labor Committee on Jan. 14, 15-to-0. Both Bills should be on the Senate Floor by mid-week. On to House Commerce and Labor Committee, where the House version of our bills are on the calendar for Tuesday, Jan. 15.
On a side note, Sen. John Miller’s Payday Lending Bill to cap Payday Lending interest at 36 percent was defeated in committee for the fourth year, 11-to-4.
Sen. Miller did mention several times the great work that credit unions do in alternative payday lending, and we appreciate his comments and credit unions’ work over the years to communicate their good works to lawmakers! Obviously, our efforts to educate lawmakers about credit unions’ micro-loan options are paying off!