HereвЂ™s exactly how the committee voted on SB 58:
Voted No Sen. Chris Elliott, R-Fairhope Sen. Steve Livingston, R-Scottsboro Sen. Randy cost, R-Opelika Sen. Clay Scofield, R-Guntersville Sen. Shay Shelnutt, R-Trussville (chairman) Sen. Bobby Singleton, D-Greensboro Sen. Tom Whatley, R-Auburn Sen. Jack Williams, R-Wilmer (vice chairman)
Voted Yes Sen. David Burkette, D-Montgomery Sen. Donnie Chesteen, R-Geneva Sen. Andrew Jones, R-Centre Sen. Dan Roberts, R-Mountain Brook Sen. Rodger Smitherman, D-Birmingham Sen. Jabo Waggoner, R-Vestavia Hills
Absent Sen. Will Barfoot, R-Montgomery
Alabamians will be able to count on legislators to safeguard their passions and implement policies showing their values and priorities. Wednesday sadly, the Banking and Insurance Committee failed in those duties. But one vote that is disappointingnвЂ™t replace the importance of meaningful protections for Alabama borrowers. Plus it wonвЂ™t stop Alabama AriseвЂ™s strive to help make that take place. WeвЂ™ll continue steadily to build stress for payday financing reform in communities throughout the state.
Within the meantime, weвЂ™re happy to see bipartisan support in Congress for significant change in the level that is federal. The Veterans and Consumers Fair Credit Act (HR 5050) would set a nationwide 36% rate limit on payday advances. Continue reading