The Pennsylvania Council of Chapters, Military Officers Association of America, strongly opposes Senate Bill 975, the Micro Loan Program, recently introduced on May 31, 2013 to legalize payday lending in Pennsylvania at 300% interest on a two-week loan. The Lehigh Valley Military Affairs Council (LVMAC) agrees with them. The bill, which will result in such usury despite possible good intentions, has surprisingly made it out of the Senate Banking and Insurance Committee by a narrow 8 to 6 voting margin and is now on the floor of the Senate for a vote in a few more days.
Since the possibility exists for our legislators to fail to take — or are not given — the time to completely read the bills they vote upon on a Senate or House floor (let alone reflect upon their possible unintended consequences), your timely action could make the difference in their decision-making.
Military veterans should understand the harm caused by payday lending. The Department of Defense certainly realized its impact on military readiness and acted to have Federal legislation passed, as we previously reported. However, the Federal legislation does not help those not on active duty. Hence, an issue remains.
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The Pennsylvania State Veterans Commission, a commission authorized by State Government, came out against it on 7 June, but more must be done than a letter to the Assembly from this relatively unknown body.
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