payday loans

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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Payday Loans
3:30 pm
Wed December 4, 2013

Payday Lending Moratorium Extended In Montgomery

The Montgomery City Council has extended a moratorium on issuing new business licenses for payday lending companies.
Credit Jason Comely / Flickr

The Montgomery City Council has extended a moratorium on issuing new business licenses for payday lending companies.

Council voted Tuesday to extend a 90-day moratorium by six months. Councilman Richard Bollinger said the extension would give city officials time to examine how the businesses impact Montgomery.

Bollinger says city leaders are looking to foster a diverse business climate, and are unsure of why payday lending businesses are concentrated in specific areas of the city.

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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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Payday Loan Ban
6:55 pm
Tue October 16, 2012

Birmingham Extends Ban On New Payday Loan Stores

Birmingham extends a ban on payday loan stores.
Jason Comely Flickr

New payday loan businesses won't be allowed to open in Birmingham until at least next June.

The city council on Tuesday extended a ban on the businesses until June 19, 2013.

Officials picked that date because it comes after the end of the Legislature's regular session. They want lawmakers to address the number of payday loan businesses in their city and across Alabama during the session.

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