Statement: We thank Gov. Fallin for vetoing expansion of predatory lending

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.

ABOUT THE AUTHOR

Gene Perry joined OK Policy in January 2011. He is a native Oklahoman and a citizen of the Cherokee Nation. He graduated from the University of Oklahoma with a B.A. in history and an M.A. in journalism. Gene also serves on the board of the Oklahoma Sustainability Network, is a trustee of the Oklahoma Foundation for Excellence, is a member of Investigative Reporters and Editors, and has chaired the communications advisory committee for the State Priorities Partnership, a nationwide network of state fiscal policy think tanks. He lives in Tulsa with his wife Kara Joy McKee, who is a Tulsa City Councilor.

6 thoughts on “Statement: We thank Gov. Fallin for vetoing expansion of predatory lending

  1. Amazing job, OPI! And a real joy to work with Bailey Perkins — so glad you’ve added her in OKC!

  2. Maybe you should get your facts straight, credit should be the right of the people and a free choice. Payday lenders aren’t predators and offers a service to any one with eligible means when big banks wont. No one forces anyone to borrow on credit and an individual isn’t told they must reloan once paid off. How dare you presume deferred deposit lenders are hooks and crooks. You’ve never been in a situation of need obviously with no resources and you apparently have never been in an office that conducts deferred deposit loans. You forget we live in a democracy and not a dictatorship you should have listened to the people, instead of lobbyists and ignorance

  3. Someone above me is mad that they do not get to prey on the poor with some new loan scheme. Oklahoma should follow Arkansas example and cap the interest at 17% then we will see how many loan sharks have the free will to loan money. Your dictatorship comment made no sense at all because from my perspective the Governor actually listened to the people for once!!!

  4. Thank you. Now let’s work on the student loan industry, the biggest predatory lender with no over site. The Department of education loans and controls everything about it.

  5. Thank you. Now let’s work on the student loan industry, the biggest predatory lender with no over site. The Department of education loans and controls everything related to these predatory loans.

  6. Thanks to Gov Fallin, another new level of predation on the needy has been stayed. Amen on the comment about education loans. The Board of Regents, led by the political appointee Johnson, also needs this oversight.

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