Oklahoma Policy Institute released the following statement in response to the Legislature’s passage of HB 1913:
It is very disappointing that the Legislature has approved HB 1913. This bill was drafted and lobbied aggressively by the payday loan industry. By creating another predatory, high-cost loan product, this bill will put more Oklahomans in deep financial distress.
Oklahomans already have plenty of options for short-term credit and do not need the harmful loan products allowed by HB 1913. The loans authorized by HB 1913 with annual interest rates of over 200 percent would be more than twice as expensive as the signature loans that are already widely available. HB 1913 would also allow abusive practices like taking automatic withdrawals from a borrower’s bank account, forcing employers to send portions of wages to a lender, and putting liens on a borrower’s car for loans as small as $100.
Governor Fallin previously showed her concern about legislation that takes advantage of financially vulnerable Oklahomans when she vetoed a 2013 bill that would have raised fees on small loans. We hope that the Governor will again stand up for Oklahomans by vetoing HB 1913.
Please contact Governor Mary Fallin to express your opposition to HB 1913 and ask her to veto the bill. You can call her office at (405) 521-2342. You can also contact her via twitter @GovMaryFallin.