payday loan legislation

Selma Moratorium
3:18 pm
Wed August 13, 2014

Selma Council Extends Payday Loan Moratorium

Selma City Council members have extended the city's moratorium on new payday loan stores and may extend a ban on issuing new liquor licenses.

Selma City Council members have extended the city's moratorium on new payday loan stores and may extend a ban on issuing new liquor licenses.

Officials voted Tuesday to extend the payday loan store ban for six months. Councilman Michael Johnson says he's researching future restrictions on the businesses, including requiring a certain distance between locations.

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Payday Lending
4:44 pm
Thu August 7, 2014

Ala. Judge Throws Out Suit Targeting Loan Database

A state judge has thrown out a lawsuit from payday lenders looking to challenge regulations requiring a central database to track payday loans.
Credit Jason Comely / Flickr

A state judge has thrown out a lawsuit from payday lenders looking to challenge regulations requiring a central database to track payday loans.

The Montgomery Advertiser reports a Montgomery judge ruled that the State Banking Department didn't exceed its authority last year by ordering a $500 cap on payday loans and a database to make sure consumers didn't have multiple loans out for more than that amount at one time.

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Dead Bills
4:15 pm
Wed April 2, 2014

Common Core Repeal, Wiretapping Among Dead Bills

A repeal of the Common Core curriculum standards and a cap on payday loan interest rates are among the legislative proposals that are dead for the 2014 session.
Credit Trance Mist / Flickr

A repeal of the Common Core curriculum standards and a cap on payday loan interest rates are among the legislative proposals that are dead for the 2014 session.

With just two days remaining, time has run out for many of the 1,103 bills introduced this session. Legislative proposals that have not passed at least one chamber have no chance of winning approval.

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Payday Loans
4:38 pm
Thu March 13, 2014

Alabama House Approves Payday Loan Database

The Alabama House of Representatives has voted to create a state database to enforce existing limits on payday loans.
Credit Jason Comely / Flickr

The Alabama House of Representatives has voted to create a state database to enforce existing limits on payday loans.

Representatives approved the bill on a 93-1 vote Thursday morning. It now moves to the Alabama Senate.

Birmingham Rep. Patricia Todd called the creation of the database a good first step in the regulation of the payday loan industry.

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Payday Loans
4:02 pm
Tue February 4, 2014

Group Rallies To Limit Payday Loans In Alabama

Members of the Alliance for Responsible Lending gathered Tuesday to support bills from Democratic Rep. Rod Scott of Fairfield and Patricia Todd of Birmingham that limit interest to 36 percent.

About 50 people rallied on the Statehouse steps in Montgomery to show their support for legislation limiting interest rates on payday and title loans.

Members of the Alliance for Responsible Lending gathered Tuesday to support bills from Democratic Rep. Rod Scott of Fairfield and Patricia Todd of Birmingham that limit interest to 36 percent. The group backing the bills includes representatives of Alabama Appleseed, the Alabama Federation of Republican Women, the state NAACP, and AARP.

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Governor-Payday Loans
4:24 pm
Wed September 18, 2013

Governor Bentley Announces New Measure To Protect Borrowers From Excessive Debt

Governor Robert Bentley announced a new consumer protection measure aimed at helping people avoid excessive amounts of debt from payday loans.
Credit governor.alabama.gov

Governor Robert Bentley announced a new consumer protection measure today aimed at helping people avoid excessive amounts of debt from payday loans.

The measure will also help lenders by providing a method to ensure they are complying with state law. Under the Alabama Deferred Presentment Services Act, payday lenders are not to issue loans to customers who currently have more than 500 dollars in existing payday loan debt.

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Payday Loans
4:31 pm
Tue August 27, 2013

Ala. Officials Mull Database To Track Payday Loans

State officials say they might decide next month whether to create a database tracking payday loans.
Credit Jason Comely / Flickr

State officials say they might decide next month whether to create a database tracking payday loans.

Alabama bureau of loans supervisor Scott Corscadden says that a public comment period on the proposal to create the database closed this week with 250 people weighing in.

Corscadden says officials will review the comments and make a recommendation to, who will make a final decision. Corscadden says the review should be done by early September.

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Payday Loans
4:30 pm
Mon March 4, 2013

Alabama Legislators Seek Limits On Payday Loans

Several pieces of legislation seek to place limits on payday and title loans in Alabama.
Credit Taber Andrew Bain / Flickr

Several Alabama legislators are proposing bills to place restrictions on payday and title loans, including capping the interest rates.


Legislators say their bills would limit annual interest rates at 36 percent. The loans can now have annualized rates of 456 percent on payday loans and 300 percent on title loans.


Democrat Ron Scott of Fairfield says he's optimistic about passage because the bills have a broad range of support, including the Southern Poverty Law Center, NAACP, AARP and Arise Citizens' Policy Project.

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Payday Loans
4:11 pm
Thu February 28, 2013

Alabama Legislature Mulling Payday Loan Regulation

The Alabama Legislature is considering better regulation of payday and title loan lenders.
Credit Jason Comely / Flickr

A coalition of groups is pushing legislation to place tighter regulations on payday and title loans, including limiting interest to 36 percent annually.

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