There was a lot of negative talk about payday credit and title loans during the last session of the Alabama Legislature. Some lawmakers proposed placing interest-rate caps on these short-term emergency loans, while other proposals would have placed a raft of new restrictions on the industry. The bills, however, did not pass, showing that our state legislators understand the negative impacts the proposed changes would bring.
Unfortunately, some advocacy groups in our state are trying to convince local leaders that they should help ramp up support for bills in the 2015 legislative session. These bills would only serve to cost thousands of jobs and drive up the cost of loans to consumers.
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Buck Wilson is president of Modern Financial Services Association of Alabama and is a member of Borrow Smart Alabama.