Advocacy for a 36% interest cap on payday loans in Kentucky is now led primarily by faith communities and the momentum is good. We who so actively support aid to families in distress naturally want to bring to an end a business model that deepens that distress by churning borrowers through many back-to-back loans. And we who have taken to heart the Bible's warnings about exploiting the vulnerable are doubly concerned.
The good news is that legislation is getting more traction this year than in any previous one. Until now the payday loan issue was only heard in the House, and now it may be heard in the Senate. This week and next, you have a golden opportunity to contact your legislators while they are at home instead of in Frankfort, and urge them to support Senate Bill 32, introduced by Senator Alice Forgy Kerr. The chair of the Senate's Banking and Insurance committee is Senator Tom Buford. Learn more about this situation by clicking here. You can find your legislators by inputting your zip code here.
In addition, please plan to attend the conference and advocacy day advertized below:
Do not oppress the widow or the fatherless, the foreigner or the poor."