Legislative Alert: HB1913 Predatory Lending

As you may know, HB 1913, a bill to allow a new predatory loan product in Oklahoma with more than 200% annual interest, passed the Senate last week and is now on Governor Fallin’s desk. She will have until Monday, May 8th to decide whether to sign or veto the bill. Four years ago, Gov. Fallin vetoed a bill that would have increased charges on short-term loans. Many feel that this loan product preys on the low and moderate income households that we serve.

If you or your organization feels that predatory lending is an issue for your clients and residents, the following is sample advocacy information provided by the Oklahoma Policy Institute:

Please contact Gov. Fallin and ask her to VETO HB 1913. It will only take 2 minutes to do one of the following:

· Call her office at (405) 521-2342 and leave a voicemail message (see sample script below);

· Send her a tweet @GovMaryFallin (please use the hashtags #Veto1913 #stopthedebttrap);

· Use the OK Policy Action Page to send her an email. They provide sample language that you can revise as appropriate.

If you have a little more time to spare and more to say, you can write her a letter and send it to: State Capitol, Room 212, Oklahoma City 73105-3207.

Sample voicemail script

"My name is XX and I live in [city/town]. I am asking Gov. Fallin to veto HB 1913. Oklahoma doesn’t need another high-cost loan product that will take advantage of struggling Oklahomans and trap them in unaffordable debt. Thank you."

The Oklahoma Policy Institute’s HB 1913 Advocacy Alert page provides more information and links to articles and editorials about the bill. Here are a few especially notable pieces that you can share on social media:

· Open letter to Oklahoma Legislators from Oklahoma Clergy on Predatory Lending Practices

· Rep. Kevin Calvey: Why should Oklahoma subsidize lenders who prey on the poor? (Tulsa World op-ed)

· Tulsa World editorial: Payday loan bill would help predatory lenders take advantage of poor Oklahomans

· Father Tim Luschen: Legislature should reject high-interest loan bill (Oklahoman op-ed)

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