Senate Bill 365
May 10, 2018
The House Commerce Committee on Wednesday rejected a push by the national payday lending industry to expand its Louisiana operations and make the debt trap deeper and longer for vulnerable borrowers. Witnesses testified to the harms payday lending already subjects Louisiana families to, as well as the availability of much cheaper and less harmful alternatives.
Number of the Day
37,000 - Number of senior citizens and individuals with developmental disabilities who receive care in a nursing home, in other long-term care facilities and through waivers for community-based services set to receive a notice from Louisiana Department of Health that they may lose Medicaid coverage under the budget as currently crafted by the legislature. (Source: Louisiana Department of Health)May 4, 2018
Predatory payday lending proliferates in Louisiana. Hundreds of storefronts - mainly in low-income communities - offer short-term loans with triple-digit interest rates to cash-strapped consumers.
Number of the Day
2.2 - the percentage change in Louisiana’s real Gross State Product economic growth in the fourth quarter of 2017. (Source: Bureau of Economic Analysis)May 2, 2018
The House version of next year’s budget funds the TOPS scholarship program at only 80 percent of current year funding.
Number of the Day
167 - Average annual percentage interest rate (APR) for a new predatory payday loan product that would be authorized by legislation passed by the Louisiana Senate on Tuesday evening. Current law caps interest rates at 36 percent APR. (Source: Center for Responsible Lending)April 10, 2018
National payday lending corporations are going around the country peddling legislation that would expand their predatory industry in the states, and Louisiana is the latest target.