Please Oppose HB 3292!
Please ask the House Calendars Committee: do not schedule HB 3292 for a vote in the Texas House.
In sum, HB 3292 opens the door to unregulated high-cost cash advances which were ended in 2001 by taking certain "sale-leaseback" transactions out of the definition of a loan and therefore out of Texas consumer loan protections.
As a result, HB 3292 would bring back abusive quick cash products which cost the equivalent of over 790% APR, based on a Senate study in 2000.
This will harm working Texans and subvert local payday loan ordinances which currently protect 10 million Texans.
HB 3292 will also hurt our troops. Texas is home to the third largest active duty military population in the country. This new loan product would get around the interest rate protections in the federal Military Lending Act, putting soldiers in our state at risk of being targeted with abusive payday loan-like schemes.
HB 3292 is broadly opposed by the Texas Catholic Conference of Bishops, the Texas Baptist Christian Life Commission, Texas Appleseed, AARP-Texas, Catholic Charities, United Way of Central Texas, United Way of Greater Houston, United Way of Metropolitan Dallas, the Brazos Valley Affordable Housing Corp., the Metropolitan Organization (TMO), Helping Hands Ministries of Belton, the Center for Public Policy Priorities, Dallas Area Interfaith, Faith in Texas, COPS Metro, City Square, IAF Network, and RAISE Texas.