Title Pawn Council of Alabama

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In this section, which is available to TPCA members and non-members alike, we discuss news about our industry. The stories here are about both title lending and payday advance lending. Most of our members are interested in both and in many cases the general public and press does not make a distinction between the two.

If your primary business is cash advance loans, we encourage you to join and support Modern Financial Services of Alabama.

Although our primary concerns are events in Alabama, we also focus on events in other states. We believe that events that occur outside of Alabama may have as much impact on our industry as those that occur within the state.

Important & Breaking News

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Updated June 30, 2012 -- Scroll down to read all stories

In Order To Access The Full News Stories On This Site You Must Be A TPCA Member. If You Are Not A Member Click Here For Immediate Access.

END OF LEGISLATIVE SESSION BRINGS GOOD NEWS. June 30, 2012. With the end of the 2012 legislative session we have very good news to report. It relates to a problem we have dealt with for many years and it comes in the form of HB213 (click here). Our lobbyist, Michael Sullivan, worked hard and long (years) to get this legislation passed for us. Members can go to the News tab above to see what it means for our industry. In addition to spending a great deal of time in Montgomery guarding our interest in the statehouse TPCA also works proactively to further our cause as noted in this example.

On another note, the legislative session had its ups and downs for us this term. Clearly, with the advent of the new CFPB agency we can expect more of this in the future. Actually, much, much more. Our affiliate, Borrow Smart Alabama, hosted a one day conference on June 14th to review what it all really means for our industry. Click here to read about the conference. If you missed this incredible gathering of national experts you will need to spend some of your time to learn about this powerful new federal agency. The impact of the CFPB will be a game changer for those of us in the industry. You can fully expect next year's legislative session to bring about changes for all of us. We plan to work very hard on that front this year and next year.

If you are a member of TPCA thank you for all of your support! If you are not a member you should join with us now (click here). We are the only organization that stands up for our industry in this state and we need everyone's help -- not just a few -- to carry out the work for our industry.

NEW INDUSTRY BILLS CARRIED OVER IN ALABAMA SENATE AND HOUSE COMMITTEES. April 26, 2012. Yesterday was an active day for us at the Alabama statehouse! More than we've seen in many years. There were six bills between the house and senate that had a negative impact on us (payday or title) as they were proposed in the hearings yesterday (click here). Thanks to the hard work of many, the bills were carried over which means there is a very low probability they will pass in the remaining few weeks of this session. But, oh my goodness, next year is most likely going to be quite a contentious year for us.

Why will next year be contentious? There are two reasons. One, the stage is now set with these bills. Unless we work hard between now and next January, these bills will be the starting point for the session early next year. Two, the CFPB is becoming more visible every single day and attacking our industry on all fronts (see the latest here with their move against arbitration and here for more CFPB information). The increased visibility will activate every adversary who ever had a passing thought of attacking us.
NEW INDUSTRY BILLS SCHEDULED FOR HEARING IN ALABAMA LEGISLATURE. April 23, 2012. Back in early February we alerted you to legislation that the State Banking Department was working on that they hoped to pass (click here). Their bills have now been introduced and are expected to come up in committee this week. At the moment, there is a public hearing scheduled for the title pledge bill this Wednesday in Montgomery. The other two bills are not public hearings but are on the agenda for Wednesday. We are working on alternatives and/or modifications to the title pledge bill.

With the increased visibility our industry is getting as a result of the CFPB activity nationwide we fully expect these attacks will continue and most likely worsen into the future. The CFPB will have a double impact for us. One, the direct impact of significant changes in the way in which we do business and two, the negative publicity for us that grows from their effort that emboldens our adversaries. Both can be equally damaging.

We will update everyone as soon as we have more information.

PROPOSED NEW TITLE PLEDGE STATUTE. February 5, 2012. We have received several emails about the new proposed title pledge statute mentioned immediately below and how it differs from our current Pawn Act. The difference between the two is like daylight and dark or red and green. The proposed statute is an entirely different statute than our current Pawn Act. Click here and scan this page for an idea of how it works in MS. Be sure you view a few of the reports and screens that apply in MS for more insight.

ALABAMA STATE BANKING DEPARTMENT PROPOSES MAJOR CHANGES. February 3, 2012. The State Banking Department of Alabama has proposed sweeping new legislation that impacts Title Lending, the Pawn Statute and Deferred Deposit.

The changes are significant. We have not fully evaluated the documents but the changes to title call for a complete new statute that is no longer a part of the Pawn Act. The new statute requires a principal paydown by the customer over 10 months and caps on the amount of the loan at $2500 among many other changes but leaves the rate at 25%. The proposal is similar to the title pledge statute in Mississippi. For those not familiar with the Mississippi statute it is significantly different than our current pawn statute. With regard to Deferred Deposit, the changes require a database, the elimination of repeat loans and a one day waiting period between loans.

You will find the complete proposed documents by clicking each below:

Title Pledge

Deferred Deposit

Pawn Statute

Will have more to report on this early next week.

CONSUMER FINANCIAL PROTECTION BUREAU (CFPB) DIRECTOR ON MEET THE PRESS JANUARY 29th. January 30, 2012. CFPB Director Cordray appeared on Meet The Press yesterday and discussed his agencies plans. We have posted the information on our affiliate site here. We believe the CFPB action may cause us to take a close look at how we do business under the Alabama Pawn Act and evaluate how it squares with the CFPB planned enforcement. It is early to expect changes, but not too early to evaluate. We will post more on this later.
CONSUMER FINANCIAL PROTECTION BUREAU (CFPB) TO HOLD FIRST HEARING IN BIRMINGHAM. January 16, 2012. Click here for the full story.

Update January 20th -- Click here to read a full report that posted after the meeting on our affiliate web site. You will be required to log in and you can use the same login you use for this site.

BIRMINGHAM PASSES MORATORIUM. December 6, 2011. Click here for the full story.
ALABAMA'S NEW IMMIGRATION ACT IS NOW IN EFFECT. October 6, 2011. You have most likely heard and read much recently regarding Alabama's new Immigration Act. Well, it is here and it will most definitely affect you. In fact, non compliance for some of the provisions are a Class C felony. For TPCA members we have much more information under the Galese and Ingram Updates at the home page or you can click here. This information is in our member only section and you must be a TPCA member to access this important update. If you are not a member and want more information, please click here.
ALABAMA LEGISLATIVE SESSION ENDS IN JUNE. July 16, 2011. You do not want to miss the full legislative report on how our industry faired in the last session. Members can click here for a full report.
NATIONAL LEGISLATION THAT WILL DRAMATICALLY IMPACT US IS STILL ON THE MOVE. May 17, 2010. Please click here
NATIONAL LEGISLATION THAT WILL DRAMATICALLY IMPACT US IS ON THE MOVE. April 29, 2010. Please click here for more information.
ELECTIONS ARE COMING UP & WE NEED YOUR HELP NOW. March 31, 2010. Please click here for more information.
READ ABOUT SEVERAL VERY IMPORTANT ITEMS THAT WILL IMPACT YOUR BUSINESS AS THIS LEGISLATIVE SESSION WINDS DOWN. March 31, 2010.
- New title pawn legislation is drafted -- members click here
- Urgent. Political support needed by all operators - click here
- Special income earning opportunity for all -- click here
- Legislative reports -- members click here
MEMBERS OF ALABAMA AND MISSISSIPPI ASSOCIATIONS AND OTHERS MEET WITH KEY U.S. SENATORS WHO SIT ON THE SENATE BANKING COMMITTEE. February 1, 2010. Click here to read about this meeting that will effect every single company/person who operates a title lending or other short term lending businesses who will be impacted by CFPA legislation. As you may know, this legislation has passed the U.S. House of Representatives and is now in the U.S. Senate Banking Committee awaiting action. This legislation, if passed, will dramatically alter the way we are regulated and the way we do businesses.
SENATOR RICHARD SHELBY DISCUSSES NEW FEDERAL LEGISLATION. November 30, 2009. Click here to read this important update.
NEW INFORMATION IS AVAILABLE REGARDING OUR NATIONAL ISSUE. September 18, 2009. Click here to read this important update.
IMPORTANT LEGISLATIVE UPDATE NOW AVAILABLE. May 1, 2009. We are now coming down to the final days of the legislative session. Members can log in here and then click on the legislative tab above to see the latest reports. You don't want to miss this.
IMPORTANT LEGISLATIVE UPDATE NOW AVAILABLE. March 30, 2009. We are now close to one-half of the way through the legislative session. Members can log in and then click on the legislative tab above to see the latest report. You don't want to miss it.
MORE NATIONAL LEGISLATION INTRODUCED AND ALABAMA LEGISLATIVE REPORT. March 23, 2009. New national legislation against our industry has been introduced. Click here to read more. Also, if you are a TPCA member you don't want to miss the legislative report for Alabama. Click here to log in and then after you have logged in, click on the legislative tab above.
NATIONAL LEGISLATION INTRODUCED. March 2, 2009 -- Second Update. We now have the text of announcement from Durbin on the 36% rate cap bill. Go here.
NATIONAL LEGISLATION INTRODUCED . March 2, 2009. Last Friday we notified you by email that national legislation was introduced against our industry. That was true! Actually, there were two bills introduced on the same day. Click here and go to our national page to learn more.
ALABAMA LEGISLATURE OPENS FOR BUSINESS. February 12, 2009. The situation in Washington remains our primary concern, but we are also focused on the Alabama scene now that the Alabama Legislature is open for business. As most of you know, our lobbyist is busy looking out for our interest in Montgomery and files reports when there is some action he believes may be of interest to our members. We will begin posting that information at the Legislative link above. We will typically update this each week while the session is open. In order to view the information, you will need to login to read these reports, which you can do here. After you have logged in, go to the Legislative link above to read the latest report from Montgomery.
OUR NATIONAL SITUATION CONTINUES TO BE OUR PRIMARY CONCERN. February 8, 2009. The situation in Washington, DC is still our primary concern. Click here to read more.
OUR NATIONAL SITUATION IS QUITE DANGEROUS AT THE MOMENT. January 12, 2009. As a new administration and congress go into action on the financial stimulus plan, it is becoming more and more apparent that our industry is at a high level of risk of being legislated out of business. We know that the new president wants a 36% rate cap, much like the military lending legislation, that would apply to us and virtually all lenders. We knew and expected this from the national plan that Obama widely publicized during the presidential campaign as you can see here.

Through our affiliate organization, the Council For Fair Lending, we addressed this issue with a national, Washington DC based consultant back in October, so this does not come as a major surprise. You can read our report from that meeting here.

As you know, our focus is primarily local. But, we have had discussions with other groups and with other states about becoming engaged in this critical issue that could devastate our industry. We held a regional meeting with other states as late as last Wednesday and discussed several alternatives that we can pursue. We don't have an answer just yet, but we hope to have a plan of action this week. We have several options to address this issue and it is our plan to take action! It will most likely cost us a little more as an association, but if it does it will be money well spent.

We should have more information available for you later in the week.

MORE BANK CLOSINGS -- NOW WACHOVIA. December 1, 2008. Members can log in here and then go to News to read more about this problem that we have been dealing with for four years! We originally put up this web site but it is no longer updated. It still may help you understand the issues, if you are interested.
A NEW TITLE LENDING COMPETITOR MAKES AN ANNOUNCEMENT. December 1, 2008. Members can log in here and then go to News to read about this publicly held company and their announcement regarding a new title loan product.
IMPORTANT REPOSSESSION INFORMATION -- PART 2. November 24, 2008. The post below on November 17th generated a few questions, so we have updated our original information. Login (upper right corner) and navigate back to the home page and click on Galese and Ingram Legal Updates at the home page to review this latest update.
IMPORTANT REPOSSESSION INFORMATION. November 17, 2008. Repossessions are one of the most critical and high-risk activities we undertake as title lenders. One mistake and the consequences can be disastrous for the uninformed operator. We constantly receive request from members about this topic. So, to be sure we are all up to date we have asked our association attorney to give us his opinion based on the latest information. Members may log in (upper right) and then click on Galese & Ingram Legal Updates at the Home page after they have logged in to see the latest. If you are not currently a member, click here for more information on TPCA membership and it's benefits.
LEGISLATIVE REPORT FROM LAST WEEK. May3, 2008. We have updated the News section with Michael Sullivan's latest legislative report. In addition, to other bills he reports on proposed legislation that may affect those who make consumer loans. To read the report log in (upper right) and then click on the News tabs at the top.
POTENTIAL TITLE PAWN LAW SUITES. May 1, 2008. Our association attorney, Jeff Ingram, has brought an important lawsuite issue to our attention. It affects all title pawn operators and others who respond to bankruptcy proceedings. You will need to log in (upper right) and click on the News tabs at the top to read about this alert. Then, be sure you take the proper precautions to protect your business.
IMPORTANT LEGISLATIVE NEWS FROM LAST WEEK! April 28, 2008. We have added new information regarding legislative activities from last week at the News page and at the Legislative page. Be sure you read this important information at both. You will need to log in (upper right to access both pages) and click on the tabs at the top.
LEGISLATIVE NEWS. April 21, 2008. We have added new information regarding legislative activities from last week at the News section of the of the web site, including Michael Sullivan's legislative report. Log in (upper right) and click on the News tab at the top to read more.
GENERAL MEMBER MEETING. April 21, 2008. Last week we sent out a survey questionnaire to our members and asked when they would like to hold the next meeting. We also ask the question if they felt we kept them well informed about events. Go here to see the results. We'll get back soon with our action plan based on these replies. Thanks to all who participated.
LEGISLATIVE NEWS. April 13, 2008. We have added new information regarding the payday lending bill and other legislative activities from last week at the News section of the of the web site. Log in (upper right) and click on the News tab at the top to read more.
LEGISLATIVE NEWS. April 7, 2008. We have added new information regarding Senator Barron's payday lending bill at the News section of the web site. Log in (upper right) and click on News to read what may be in store for this week.
NEW PAYDAY LOAN LEGISLATION IS INTRODUCED. March 27, 2008. Log in (upper right) and click on the news tab above for an important update regarding the new legislation that was introduced today! You will find a brief summary of the bill along with a copy of the legislation.
LEGISLATIVE NEWS. March 17, 2008. Log in (above) and click on the news tab above for an important update on the latest action in the legislature and what it means for us.
LEGISLATIVE NEWS. March 3, 2008. Log in (above) and click on the news tab above for an update of the latest action in the legislature. We anticipate legislation will be introduced soon.
ONLINE TITLE LIEN SYSTEM and VEHICLE TITLE CHECK. March 3, 2008. Several months ago we discussed a new online system that will allow you to file an online lien (without being a Designated Agent). The State had advised us that the feature is still a few months away. But, they have launched a companion to the service that is available to the public. The service is similar to CarFax and other services that give you information about a vehicle. Here is a link to the service. Although, this does not allow for filing a lien some may find the service useful. In the meantime we will keep you posted on the lien version which we hope will be available by the summer.
STATE BANKING WITHDRAWS LEGISLATION. February 20, 2008. Scott Corscadden advised the Title Pawn Council of Alabama (TPCA) yesterday that they plan to withdraw their proposed legislation. Log in (upper right corner) and then click on the News tab for the full story. By the way, this does not mean there may not be other legislation introduced against us this session by any means. Just that it will not be State Banking.
TPCA MEETS WITH STATE BANKING. February 1, 2008. Representatives of the Title Pawn Council of Alabama (TPCA) met yesterday with the Alabama State Banking Department to discuss their proposed title pawn legislation. Here is a link to their legislative proposals that would dramatically impact the title lending business in our state. For a full report of our meeting log in (upper right hand corner) and then go to the News tab.
SUMMARY OF BILLS PROPOSED BY STATE BANKING. January 22, 2008. We have obtained a copy of a letter in which State Banking summarizes the changes they want to impose on the industry in their proposed 08 legislation. This is not a pretty picture for the industry! Log in (upper right on this page) and then go to the News link at the top of the page to read about these unprecedented, far reaching changes in the State Banking Departments own words.

Also, Maury Shevin at Modern Financial has written an excellent review of the deferred presentment changes. You can read it here.

UPDATE ON STATE BANKING PROPOSALS FOR TITLE LENDING. January 21, 2008. We previously reported on the legislation State Banking is promoting (January 2nd report below). Log in (upper right on this page) and then go to the News link at the top of the page for an important update to this legislation that would cause significant changes in the way we do business.
MORE ON LEGISLATION. January 21, 2008. This next legislative session is shaping up to be very bad for the future of our business. See the full report here.
INDUSTRY GETS COVERAGE IN DECATUR. January 21, 2008. The media reports as a result of Borrow Smart Alabama continue to come in. Here is the latest from an article in the Decatur Daily.
INDUSTRY GETS POSITIVE TV COVERAGE IN BIRMINGHAM. January 7, 2008. Most often when we see something on TV or in the paper about title or payday lending it is terribly bad. Go to www.councilforfairlending.com and click on the Media Report button in the middle of the page to see what one local TV station in Birmingham has to say about us.
LEGISLATION ON THE HORIZON - IMPORTANT UPDATE. January 2, 2008. What a difference a month makes (November 26th entry immediately below)! We have been advised by the State Banking Department that they plan to propose legislation to change the pawn and deferred deposit statutes in the upcoming legislative session. These changes, if passed, will have a significant impact on your business. Log in (upper right corner) and click on News for the full story.
LEGISLATION ON THE HORIZON. November 26, 2007. From where we stand today read our view on what legislation may be on the horizon for us in Alabama. Login (upper right hand corner) and then click on the News button at the top of the login page.
SPECIAL BORROW SMART REPORT. November 26, 2007. The good news continues to roll in from the Borrow Smart launch last month. Login (upper right hand corner) and then return to the CFL page and click on the Special Report button.
BANKRUPTCY & PROPOSED NATIONAL PREDATORY LENDING LEGISLATION. November 26, 2007. The Birmingham News published this article over the weekend. There are several items that are noteworthy about the article:

1) Alabama is number three in the nation for bankruptcy filings (who would have guessed?)

2) Of all the reasons that cause high bankruptcy rates we were not included in the list (good news)

3) The new, proposed federal legislation to curb predatory lending (Mortgage Reform and Anti-Predatory Lending Act of 2007) does not include us. The focus, for the moment, is the mortgage industry.
THE COUNCIL FOR FAIR LENDING LAUNCHES BORROW SMART ALABAMA. October 22, 2007. The CFL had a very well received and successful launch of Borrow Smart Alabama last week! From the press reports to our announcement meeting with the Alabama Black Caucus you can read the whole store here.
CRL & BANK FEES. October 6, 2007. The CRL goes after banks and bank fees in this story. If you go to the CRL site, be sure you click on the links at the right on their web site that talks about their issues.
LAWSUIT ABUSE October 6, 2007. See this report from the US Chamber of Commerce regarding lawsuit abuse. Whew.....thank goodness we're not last in the nation. We're just 47! Who would have guessed?
NATIONS CAPITAL EFFECTIVELY BANS PAYDAY LOANS September 19, 2007. Washington DC has effectively banned payday loans. We have several stories about this decision. The first story is from the Washington Post that covers the vote and the decision. The second story is from an Ohio paper reporting before the vote. Ohio is the home of Check N Go who is the target and a "whipping boy" for banning payday loans in DC. Third, is a story that you will have to search long and hard to find in the mainstream press. It is from RTO online. This story sheds light on another important fact about the story -- it turns out the witnesses and former Check N Go employees who testified against Check N Go and the industry are convicted felons. Not that it mattered much, though. Go to CFL and click on the Articles tab for more discussion on this story.
COUNCIL FOR FAIR LENDING (CFL) TO MAKE IMPORTANT PUBLIC ANNOUNCEMENT. September 19, 2007. CFL will hold an important web teleconference on Thursday, September 20th to discuss the roll-out and announcement of CFL's Borrow Smart pro-consumer program. Go to CFL and click on the Teleconference tab if you wish to register for this important meeting. It's free and open to all store operators who wish to attend. If you want to know one of the reasons CFL exists just read the story above. Please do not think Alabama (or any other jurisdiction) is immune! Borrow Smart designated stores across the state are expected to be in a unique position under this new program and will help lead the way in our effort to protect consumers and reposition our industry in Alabama.
GOVERNMENT GAO REPORT FINDS MILITARY DECISION TO BAN PAYDAY AND TITLE LOANS FLAWED! September 6, 2007. We could have told them so. But, don't expect to see changes any time soon to the military bill as a result of this highly critical GAO report on the John Warner National Defense Authorization Act. You can read the news report here and the government report here. Among the reports findings are that the DOD:
Used input only from industry critics to formulate the law
Used limited factual support for their findings
Did not establish any direct link between the use of certain credit products and financial problems by military personnel
Action denies military personnel a credit option

In the meantime, you need to be absolutely sure you have taken the appropriate action to comply with the law. Non compliance is a federal crime with severe penalties. Go to the Galese & Ingram newsletter for the latest on compliance.

JOHN EDWARDS TAKES SWIPE AT PAYDAY LENDERS IN ADVANCE AMERICA'S HOMETOWN. CALLS FOR NATIONAL LAW. September 3, 2007. See story here.
SOUTH CAROLINA POLITICIANS FILE CLASS ACTION LAWSUIT AGAINST PAYDAY LENDERS August 28, 2007. See the full story here.
NO LENDING TO MILITARY PERSONNEL August 28, 2007. As we reported here previously the John Warner National Defense Authorization Act that was passed and signed into law last year prevents, among other things, title and deferred deposit lending to military personnel. The penalties for violation are severe. You want to be sure you have adequate documentation and that you are NOT lending to military personnel. Keep in mind the term "military personnel" covers a broad category of people. Go here for the latest Galese & Ingram Newsletter to be sure you are following the correct procedure.
ALABAMA ARISE LAUNCHES PAYDAY LOAN EFFORT -- AND FLOPS! August 21, 2007. Read this story in the Montgomery Advertiser about Alabama Arise, an activist group and industry adversary. It is about their effort to get into the payday loan business. Go to our CFL web site and click on the Articles tab at the left and read why this story is so very significant for what we are about to do!
CFSA FIGHTS BACK. August 3, 2007. If you only plan on reading one more story in the press about payday loans, read this one and then read the challenge! Click here to go to CFL and then click on the Articles button on the left.
PAYDAY & TITLE DECISIONS GO BAD IN TWO STATES. August 3, 2007. Two states have recently banned short term loans (payday in both and title in one) -- Oregon & Pennsylvania. Click on the states to read more.
BORROW SMART VIDEO PROJECT UPDATE. August 13, 2007. Go to the Council For Fair Lending (CFL) and click on the CFL News tab for the status of testimonial prospects you may have submitted and potential taping dates.
MEETING WITH SENATE LEADERS. August 7, 2007. Michael Sullivan has arranged a meeting with Senate leaders. Go to News to read about this important meeting.
BORROW SMART VIDEO PROJECT UPDATE. August 1, 2007. We have updated the Council For Fair Lending (CFL) site with the latest on our video testimonial project. This project is shaping up to be a phenomenal success. Go here and then click on the CFL News button on the left to read about it. Please be sure to pass this information along to your branches so they will know where we stand as it relates to the names and stories they submitted.
STATE OF ALABAMA SETTING UP A NEW ONLINE LIEN SYSTEM FOR AUTO TITLES. August 1, 2007. The State of Alabama has launched an online title system called ETAPS. At the moment this is for Designated Agents only (which excludes us). TPCA has met with the State to discuss how our members can access the system. Go to News for a complete update of the new system and when and how we can participate.
ANTI-ARBITRATION BILL INTRODUCED IN US CONGRESS. August 1, 2007. Jeff Ingram, our attorney, has brought to our attention a bill in the US Congress that would strip us of our rights to binding arbitration. If this bill becomes law, the consequences for our industry will be devastating. If you do not presently use arbitration in all of your agreements you are making a big mistake and you do so at the risk of your business. You can read the bill here.
CENTER FOR RESPONSIBLE LENDING & BANK DRAFT FEES. July 24, 2007. Go here to see USA Today article about what the CRL thinks about bank overdraft fees.
SUPREME COURT MAKES DECISION ON WAITES TITLE PAWN CASE! July 7, 2007. Go to News for this important decision.

Updated July, 7th -- Go to News to read new and updated information about this important case.
ARE COUNTY DA's COLLECTING PAYDAY LOAN CHECKS?. July 2, 2007. A TPCA member has been successful in working with two counties in getting the county DA to collect closed account deferred deposit checks. We believe this is a good sign and want to know about other counties where the DA has worked with payday operators. It may help convince other DA's to do the same. Actually, the statute clearly provides for this, but local DA's have not been cooperative. This member has convinced two county DA's and a big part of the DA's decision was that he (our member) was able to point to another DA in another jurisdiction who was collecting these checks. Our question to you is, does your county DA collect closed account checks? If so, please drop us an email by clicking here and give us the name of the DA and the county. We will report back in a week or so with a list of counties that do collect on closed accounts. This could be good for everyone.
END OF LEGISLATIVE SESSION REPORT. June 20, 2007. We have posted Michael Sullivan's final legislative report in our Legislative section above. Go here to read a "blow by blow" description of that last day.
AN IMPORTANT ARBITRATION DECISION. June 20, 2007. Our association attorney, Galese & Ingram, has informed us that the Alabama Supreme Court has handed down an important decision with regard to an arbitration case involving TitleMax and a wrongful repossession case. This is quite an interesting case. Issues relating to repossession are probably the single most common legal issue our members face. Go to News and read more and download the decision. Everyone should read this and, MORE IMPORTANT, everyone should use legally well drafted arbitration agreements in their business.
THIS LEGISLATIVE SESSION IS OVER FOR US. June 12, 2007. Although the legislative session has not formally closed, for all practical purposes it is over for us since no new legislation can pass at this point. Whoever would have thought we would end up as we did back in September of last year and again in March of this year. As most of you know TPCA worked diligently with the study group in the Alabama legislature that considered new title and deferred deposit legislation. That same study group, consisting of several consumer activist groups and industry groups, will hold meetings over the summer to develop legislation to revise the deferred presentment statute. At this time we believe the focus will be on payday lending and not title lending -- but it's way too early to know for sure. This is unusual and has not happened in the seven years we have been around. It is not a good sign for the next session. Members can go here for more information.

By the way, if you did not see the "crowning blow" to end the session, just click here.

We thank each and every one of our members and others who provided help and support. We clearly could not do this without you. If you are not a member, now is a great time to join. If you don't believe our businesses are threatened almost every day you are living on another planet. Click here to take advantage of our special membership offer while it lasts. By working together we stand a chance of protecting our businesses -- it is our only option.

SUPREME COURT TITLE PAWN CASE UPDATE May 18, 2007. Go to News for an update on this critically important case.

PAYDAY BILL MEETING IN SENATE COMMITTEE TODAY! May 15, 2007. Michael Sullivan, our TPCA lobbyist, reports on the decisions made today and how this affects your business. Go here for the full story or click on the Legislative link above.
REPORTS OF BANK CLOSINGS -- AGAIN. May 14, 2007. We have received more reports of bank closings. This time from Regions Bank which recently merged with AmSouth. AmSouth is where the problem started almost two years ago. If you want to read more about this go here. If you have this problem please drop us an email. We can't promise help (except what you might read here), but if we get enough reports we may be able to open up this case again.

BANK CLOSING UPDATE. May 14, PM. We are receiving many more reports about Regions Bank closing checking accounts.

NEW ADVERSE ACTION REPORTED ON PAYDAY LENDING BILLS IN THE SENATE. May 10, 2007. Michael Sullivan, our TPCA lobbyist, reported yesterday that the special Senate committee chaired by Sen. Byrne planned to introduce his legislation next Tuesday to the committee. The main provisions of this legislation are:
- 2% rate per month on payday loans
- 30 day maximum term for loan
- Maximum of three loans in any twelve month period
- Next business day right of rescission
- Allow for extended payment with no fees
- No rollovers or renewals
- Ban on military lending
We now learn that Senator Byrne will be the new chancellor of the two year college system. Click on news to see what all of this means.
HB-769 UPDATED INFORMATION. May 3 PM, 2007. Our Legislative page has been updated with more information from this week's session and this proposed bill. It turns out this new bill requires operators to take pictures of all merchandise and of every customer for every transaction. Further, there are penalties of up to $1,500 for each violation (that's each transaction) and license suspension. So, if an operator fails to comply with this provision the penalties can be thousands upon thousands of dollars and loss of their pawn license. Read the entire bill here. For more discussion of this bill, go here to our legislative section.
HB-769 IS INTRODUCED WITH CHANGES TO THE PAWN STATUTE. May 1, 2007. See the details here at our legislative page -- including a copy of the proposed legislation. This legislation has severe penalties for those who do not comply with the provisions of this bill.
WALL STREET JOURNAL PUBLISHES INDUSTRY ARTICLE April 12, 2007. See this article from the Wall Street Journal regarding payday lending.
STATE BANKING SUPERINTENDENT APPEARS ON ALABAMA PUBLIC TELEVISION. April 9, 2007. One of our members alerted us to the appearance by the State Banking Superintendent on Alabama Public Television a couple of weeks ago. Click here to see his interview in which he discusses, among other things, payday lending and title lending.
BILLS INTRODUCED IN SENATE WILL SHUT DOWN TITLE & PAYDAY LENDING IN ALABAMA. March 10, 2007. Bills have been introduced in the Alabama Senate that will effectively shut down our industry. See the press articles here, here and here. For up-to-date information click on News.
TPCA WILL HELP ORGANIZE A NEW ASSOCIATION TO PROMOTE TRUTH ABOUT THE TITLE AND PAYDAY LENDING INDUSTRY. February 11, 2007. Due the constant attacks by the press in which the press virtually never, ever bothers to tell the other side of the story, we all agreed it was time someone spoke out for our industry. We plan to do this! You will hear much more about this later.