HB 1913 (Rep. Kannady/Sen, Leewright), the Oklahoma Small Loan Act, would create a new predatory loan product in Oklahoma, known as a Small Loan. These loans would allow interest to be charged at an annual rate of over 200 percent, which is four times more than what can be charged under current law. Like payday loans, these loans are designed to trap people in unaffordable debt.
Protecting consumers from dangerous financial products is a long-standing role of state government. HB 1913 would strike down existing rate caps and put the financial health of economically vulnerable Oklahomans at greater risk. There is simply no need in Oklahoma for another high-cost predatory loan product.
Where Things Stand (as of 3/25/17)
HB 1913 passed the House of Representatives on a 59-31 vote on March 13th. You can see how your Representative voted here. The bill now moves to the Senate, where it has been assigned to the Senate Health and Human Services Committee . The Senate will have between March 27th and April 13th to hear HB 1913 in committee.
What You Can Do
There are several things you can do to fight HB 1913. You can use the talking points below to help craft your message. If you or someone you know has been affected by high-cost loans, please share your story.
- Contact Senate Health and Human Services Committee chair Sen. Ervin Yen and ask that he not hear HB 1913 in committee. email@example.com (405) 521-5543
- Contact Sen. James Leewright, the Senate author of HB 1913 and express your opposition to HB 1913.
Sen. Ervin Yen, Chair firstname.lastname@example.org (405) 521-5543
Sen. Rob Standridge, Vice Chair email@example.com (405) 521-5535
Sen. Kim David firstname.lastname@example.org (405) 521-5590
Sen. Kay Floyd email@example.com (405) 521-5610
Sen. A J Griffin firstname.lastname@example.org (405) 521-5628
Sen. Darcy Jech email@example.com (405) 521-5545
Sen. Greg McCortney firstname.lastname@example.org (405) 521-5541
Sen. Anastasia Pittman email@example.com (405) 521-5531
Sen. Adam Pugh firstname.lastname@example.org (405) 521-5622
Sen. Dave Rader email@example.com (405) 521-5620
Sen. Joseph Silk firstname.lastname@example.org (405) 521-5614
Sen. Frank Simpson email@example.com (405) 521-5607
3. Contact your own Senator to express your opposition to HB 1913. You can find your Senator here. Be sure to identify yourself as a constituent.