A regulatory bill stalled in a House committee last week, but now two Senators are considering sponsoring their own bills.
"In general, we need to make changes to the existing law," Orr said. "I'm interested in seeing something advance this year."
Though regulation proponents speak of annual interest rates of more than 400 percent and say the loans are designed to trap people who can least afford it, bills to restrict payday lenders have had little success in previous legislative sessions.
A bill by Rep.
Orr said he wants to talk to Todd about where the major resistance to her bill came from.
But at least one other senator says the loans can be immoral.
"I don't know where the line between regular interest rates ends and usury begins, but I know we're way over that," said Sen.
He said his bill would combine some of Todd's with another House bill to restrict the interest on car title loans.
Beason said he is pro-business and a free market has its place, "But in a society, there has to be rules and boundaries, and I think usury is one of those things that is wrong."
In December, the
"But at some point, without help from
Kyle said that as a former banker, he understands that some people can't go to traditional banks for their loan needs. But that doesn't mean they should have to deal with triple-digit interest rates.
And when people are spending their money paying off high-interest loans, they have less to support themselves and rely more on community resources, Kyle said.
In 2007, federal law capped payday lending interest rates for military members at 36 percent.
"I think that's a reasonable thing for people who are non-military so they have a better chance of getting out of debt," Kyle said.
Other cities around the state have passed similar, temporary moratoriums on new payday lenders, including
"They all seem to be grouped into one area," Bradford said. "We're trying to look at some ways we can regulate them in terms of density and where they are. We were hoping the state could look at some regulations as well."
If the state regulates banks, it should regulate loan companies, he said.
"Some operate almost like a pawn shop where they end up with someone's care," Bradford said. "We do realize it's a business transaction, but you worry about citizens having transportation and being able to afford things."
Meanwhile, Bradford described the taxes that payday lenders contribute to city coffers as "minimal."
In the state House committee that voted to delay Todd's bill, a move she said essentially killed it, campaign finance records show that the lenders and a related political action committee had contributed to six of the nine committee members, the
The cumulative contributions ranged from
The contributions are legal, but Todd called them "disgusting" and a factor in last week's vote.
Committee member Rep.
"You can say that about any contribution, from
Black has about
"I would hope that any contributions I receive, it's because they think I'm a good person for the job," Black said.
Black didn't participate in the voice vote on Todd's bill, he said, because "it was already over with."
But, he thinks
"It deserves an up or down vote," he said. "At some point, we're going to have to deal with it. That bill is not going away."
Alabamians aren't supposed to have more than
A group of payday lenders soon filed a lawsuit to block the database, calling it government overreach. That lawsuit is ongoing and the database hasn't been created.
(c)2014 The Decatur Daily (Decatur, Ala.)
Visit The Decatur Daily (Decatur, Ala.) at www.decaturdaily.com
Distributed by MCT Information Services