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Lawmaker recounts predatory lending case as committee puts bill off notice
Summary
A committee member used a public-comment-style floor period during item 13 to describe a predatory title-pawn episode he recorded—saying an advertised 11% rate had an effective interest rate of 132%—and asked colleagues to study predatory lending; House Bill 2087 was taken off notice.
At the item for House Bill 2087 a member delivered an extended personal account raising predatory lending concerns, recounting a recorded interaction in which an advertised 11% monthly rate translated, he said, into a 132% effective interest rate and led to repossession threats. “It’s predatory. She’s trapped,” he said, urging colleagues to look into reforms and to talk to constituents.
The speaker said he shared the recording and the case with the Attorney General’s office and other stakeholders, and asked the committee to put predatory lending on the summer radar. The chair confirmed HB 2087 was taken off notice; the remarks served as a formal committee airing of constituent harm and a prompt to consider legislative fixes in the future.
