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Tennessee Citizen Action joined up with an overall total of 120 teams today in releasing a letter in opposition to HR 4439, a bill that will allow online payday loan providers to circumvent state usury laws and regulations.

Furthermore, Tennessee’s David Kustoff for the Congressional that is 8th District on the House Financial solutions Committee and TNCA is asking him to vote NO because the bill comes before that committee.

Here’s the letter describing our opposition:

The 120 undersigned customer, civil legal rights, labor, community and appropriate solutions businesses highly oppose HR 4439 (Hollingsworth), the alleged Modernizing Credit Opportunities Act. The bill will allow payday loan providers to make use of the print that is fine of terms and sham rent-a-bank plans in order to make loans at 100% to 400per cent APR or more in states where those prices are unlawful. The balance would undercut the historic energy associated with states to guard individuals from dangerous, usurious loans. Continue Reading…