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Stop Predatory Lending Bill |
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Tuesday, 13 September 2011 10:13 |
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Stop Predatory Lending!
Tell Your State Representative
Sustain the Governor's Veto
of SB 57.
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Greetings!
Predatory and payday lenders pretend to provide easy credit to low-income people when, in fact they trap people into cycles of debts paying off loan after loan after loan.
In 2008 New Hampshire instituted a reasonable 36 percent annual interest rate cap on payday and car title loans. In July Governor Lynch vetoed SB 57 to preserve New Hampshire's well reasoned and reasonable rate cap. Last week the Senate voted to override the Governor's veto on SB 57.
SB 57 is a predatory lending bill which allows car title lenders to charge annual interest rates up to 300 percent, permit loans to people receiving social security, unemployment and tax-payer funded local assistance and allow repossession of the family car if the consumer defaults. We're hearing that supporters of this predatory lending bill are aggressively lobbying the House members in preparation for a likely vote on Wednesday, September 14.
The voices of faith community leaders make a big difference with our legislature when it comes to issues of usury and economic justice. Please call your state representative and tell them that New Hampshire doesn't want high cost car loans. Tell them to sustain the governor's veto of SB 57.
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RESOURCES
Click here for SB 57 talking points.
Click here for AFSC's SB 57 fact sheet.
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The New Hampshire Council of Churches consists of 10 member denominations, dedicated to working together as New Hampshire's religious voice for peace, for the poor, and for the planet.
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Last Updated on Wednesday, 14 September 2011 09:30 |
