Predatory Payday Lending Proposal Moves in House and Senate

Ingrid Delgado, FCCB associate for social concerns/respect life

Both HB 857 (Grant, J.) and companion measure, SB 920 (Bradley), were found favorable by committees of reference this week. These bills further the practice of usury among predatory lenders in Florida, allowing loans to be made at triple-digit rates when calculated on an annual basis. All other comparable loans are capped at 30%. During the committee hearings, FCCB Associate for Social Concerns/Respect Life Ingrid Delgado testified in opposition to both the House and Senate proposals.  The FCCB supports SB 642 (Baxley) / HB 555 (Olszewski) which would cap payday loans at 30% and 36% APR respectively, more aligned with comparable lending products in Florida. Archbishop Thomas Wenski of Miami recently opined on the practice of unscrupulous lending in the  Sun Sentinel. FCCB Executive Director Michael Sheedy related concerns with the proposed legislation in  correspondence to the bill sponsors.