Take action now to Oppose Gutierrez Amendment #138
December 8, 2009 | federal legislation, industry | Comments (3)Representative Luis Gutierrez has filed an amendment (#138) that purportedly would add various consumer protections and disclosures with regard to payday loans. The amendment is radically different than his earlier introduced payday lending bill (H.R. 1214), or other similar pending bills. Click below to send a letter to Congress today!
Among many other things, the Gutierrez amendment (#138):
- Dictates the number of payday advances an individual customer could have in a year
- Requires an extensive credit analysis before a loan could be made
- Establishes a national consumer credit database of consumers’ loan usage and status
- Requires lenders to query the database before making any payday loan
Reasons to oppose the amendment:
- The personal finance decisions of individuals will be rationed and micromanaged by the federal government.
- The use of payday loans by individuals will be tracked in a database run by the federal government.
- State laws will be superseded, undermining state legislators.
- Costs to consumers will increase.
- It singles out one product and runs counter to the widely accepted view that reform proposals should treat comparable credit products in a like or similar manner.
Comments»
Wow, I’d prefer the government make mandatory payment arrangements on my debt and create loopholes for me to get out of the debt with voided contract language. Since when are we okay with the Federal Government directing finances and when will this stop? Did you see what they’ve done with our money? Check the deficit…sorry guys…CLEARly you cannot handle our money responsibly, don’t tell me how to handle mine.
I Oppose Gutierrez Amendment #138
It is ridulously intrusive into private financial matters and is unneeded and unwanted. Customers who use such services appreciate having access to short term loans. We don’t need the government’s intervention.
I sent an email to my representatives letting them know I oppose this amendment. Thanks for the update.