SB 352 failed to be added to the agenda for the House Financial Institutions and Insurance committee for the committee's final meeting, meaning that it will not make the body's committee report deadline of Tuesday, February 22.
"While all Hoosiers deserve financial services, we know that too often Black and minority families do not have access to fair financial products," said Tanya Mckinzie, President and CEO of Indiana Black Expo. "We will continue to fight for positive public policy that supports fair and reasonable lending practices in Indiana."
"The Indiana General Assembly should enact legislation that promotes regional communities to build community lending institutes where limited loans can be had at reasonable rates," said James L. Bauerle BG, USA (Ret.), VP and Legislative Director for The Military/Veterans Coalition of Indiana. "SB352 would have done none of this! Killing this bill saves Indiana! The future is not so bleak for our poor and needy—I foresee fewer Hoosiers in debt traps, fewer Hoosiers going bankrupt, fewer Hoosier Veterans homeless, fewer Hoosier Reserve and Guardsmen suffering hardship and losing their future in the military, and fewer Hoosier Veterans committing suicide! Think about all the help Indiana and our nation has received during this COVID pandemic from our Guard and Reserve—and we almost were going to offer them this 'new product'!"
"Habitat for Humanity is happy to hear that SB 352 will not be moving forward in the House," said Gina Leckron, State Director of Habitat for Humanity of Indiana. "We breathe easier knowing that high cost loans will not be expanded in our state, threatening the housing security of low income Hoosiers. Our homeowners, volunteers and affiliates are proud to stand in solidarity with many nonprofits and churches in opposition to this bill and thank them for speaking up for those who are most vulnerable.“
"We are pleased to see that this legislation is no longer moving forward," said AARP Indiana Legislative Director Ambre Marr. “Too many households of all income levels have insufficient savings not only for retirement, but for any emergency that may arise. This is a serious situation, especially for older Hoosiers, as they have fewer working years to rebuild their savings after a financial shock. We look forward to continuing the discussion on how we curb the cycle of debt for older Hoosiers and their families and establish financial security instead of establishing products that contribute to it.”
“We thank Chair Carbaugh for standing with financially vulnerable Hoosiers and their families and not hearing Senate Bill 352. From introduction, we saw the bill for what it was: a clear expansion of predatory lending,” said Andy Nielsen, Senior Policy Analyst for the Indiana Community Action Poverty Institute. “This is an important win for consumers throughout the state, and our coalition stands ready to work with the Indiana General Assembly before next session on real solutions and alternatives that provide equitable and responsible access to credit.”
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About Hoosiers for Responsible Lending
Hoosiers for Responsible Lending was created by a network of advocates working to empower Hoosiers who have been affected by any form of predatory lending. HRL raises awareness of predatory practices across Indiana in order to hold lenders accountable and create attainable pathways to wealth building for all Hoosiers. The alliance includes veterans organizations, faith communities, consumer groups, and social service providers who recognize both the benefits of equitable, responsible lending and the damages of predatory lending.
