We need your help to prevent abuse in payday lending in Kentucky. Senate Bill 32 (known as the “deferred deposit transactions bill”), sponsored by Republican Senator Kerr, would limit interest rates on payday loans to 36%, which is the rate cap for all other lending institutions. Currently the loans go up to 400% interest, which perpetuates a crippling cycle of debt for poor families and contributes to homelessness.
Thanks to the work of many, we have all the votes we need for this to pass out of the committee and go to the Senate floor–but now the challenge is ensuring that the leadership will hold the hearing in the first place, as they have been bombarded with outside lobbyists who don’t want this bill to pass.
You can help TODAY by calling Senate leadership:
1. Call 1-800-372-7181 to reach the General Assembly switchboard.
2. When the attendant answers, say, “I would like to leave a message for all five members of the Senate leadership.”
3. After giving your name and information, say this: “I am calling on all members of Senate leadership to stand with the people of Kentucky by allowing Senate Bill 32 to have a fair hearing. The bill has enough votes in committee, and it is unacceptable to block it from getting a hearing due to outside interests.”
Thanks for your compassion and participation!