payday lending

A Senate committee revamped a bill that caps interest rates on many types of consumer credit after pushback from advocates and several lawmakers. However, with the changes, some committee members still feel the bill doesn’t go far enough.

A report released Wednesday says payday lenders drained over $300 million in financing charges from some of the poorest Hoosiers over the past five years. The Indiana Institute for Working Families conducted the research and found that most of Indiana’s payday loans storefronts are in predominantly low-income neighborhoods.

Director Jessica Fraser says borrowers often get caught in a costly cycle of debt.

A controversial payday lending bill died on the House floor. A revenue forecast projects less money for lawmakers to work with in the new state budget. And a bill to create payouts for exonerated prisoners is headed to the governor.

Here’s what you might have missed this week at the Statehouse.

Lending Expansion Bill Dies In The Indiana House

Apr 15, 2019
(Lauren Chapman/IPB News)
Samantha Horton

A bill that would have expanded what consumer advocates call predatory lending practices died in the Indiana House Monday.

Senate Republicans released their budget proposal, with more money for schools over the next two years. Gaming legislation went through major changes. And an expansion of the state’s Stand Your Ground law is headed back to the House.

Here’s what you might have missed this week at the Statehouse.

Veterans, church leaders and advocacy groups rallied at the Statehouse Monday asking legislators to kill a bill that would expand subprime lending. (Samantha Horton/IPB News)
Samantha Horton

A coalition of veterans, church leaders and advocacy groups gathered at the Statehouse Monday to oppose legislation that would expand subprime lending in Indiana.

As the first half of the 2019 lawmaking session wrapped up, a bill limiting payday lenders died, while another, allowing different types of high-interest loans, passed out of the Indiana Senate.

This week, lawmakers renew a gun debate. A House panel advances electric scooter regulations. And Republicans block an expansion of absentee voting. 

Here’s what you might have missed this week at the Statehouse.