Oklahoma Policy Institute released the following statement in response to Governor Mary Fallin’s veto of HB 1913, a bill that would have allowed a new form of very high-cost lending:
By vetoing HB 1913, Governor Fallin has prevented the expansion of predatory lending practices that would trap more Oklahomans in costly debt. We thank Governor Fallin for listening to the seniors, religious leaders, consumer watchdogs, and numerous other Oklahomans who spoke out against this bill. Despite an aggressive lobbying push by the high-cost lending industry, regular Oklahomans won out.
In the debate over HB 1913, many lawmakers recognized that we need to better regulate payday lending practices to stop the abuse of financially struggling Oklahomans. Next year, lawmakers should prioritize limiting excessive interest rates and providing greater consumer protections for these loans.