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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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BIRMINGHAM PASSES MORATORIUM.
December 6,
2011. Click
here for the full story.
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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.
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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.
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NATIONAL LEGISLATION THAT WILL DRAMATICALLY
IMPACT US IS STILL ON THE MOVE.
May 17, 2010. Please
click here
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NATIONAL LEGISLATION THAT WILL DRAMATICALLY
IMPACT US IS ON THE MOVE.
April 29, 2010. Please
click here
for more information.
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ELECTIONS ARE COMING UP & WE NEED YOUR HELP
NOW. March 31, 2010. Please
click here
for more information.
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READ ABOUT SEVERAL VERY IMPORTANT
ITEMS THAT
WILL IMPACT YOUR BUSINESS AS THIS LEGISLATIVE SESSION WINDS DOWN.
March 31, 2010.
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New title pawn legislation is drafted -- members
click here
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Urgent. Political support needed by all operators -
click here
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Special income earning opportunity for all --
click here
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Legislative reports -- members click here
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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.
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SENATOR RICHARD SHELBY DISCUSSES NEW
FEDERAL LEGISLATION.
November 30, 2009.
Click here to read this
important update.
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NEW INFORMATION IS AVAILABLE
REGARDING OUR NATIONAL ISSUE.
September 18, 2009.
Click here to read this
important update.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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?
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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.
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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.
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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:
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Used input only from industry critics
to formulate the law
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Used limited factual support for their findings
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Did not establish any direct link between the use of certain credit
products and financial problems by military personnel
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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.
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JOHN EDWARDS TAKES SWIPE AT PAYDAY LENDERS IN
ADVANCE AMERICA'S HOMETOWN. CALLS FOR NATIONAL LAW.
September 3, 2007.
See
story here.
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SOUTH CAROLINA POLITICIANS FILE CLASS ACTION
LAWSUIT AGAINST PAYDAY LENDERS
August 28, 2007.
See the
full story here.
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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.
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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!
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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
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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.
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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.
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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.
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WALL STREET JOURNAL PUBLISHES INDUSTRY
ARTICLE
April 12, 2007.
See
this article from the Wall Street Journal regarding payday lending.
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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.
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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.
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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.
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