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Payday loans spark debate

The Indiana House of Representatives has passed a bill to create a new group of low-income loans for Indiana borrowers. It is now moving on to the Indiana Senate.

The measure would allow payday lenders to charge interest on small loans at rates that are more than triple the rate of criminal loan sharking under Indiana law, according to Senator Greg Walker, R. Columbus.

Walker stated that House Bill 1319 was written by Martin Carbaugh (R-Fort Wayne), and would allow storefront lenders the ability to offer three to twelve month loans ranging from $ 605 to $1500, with annual percentage rates as high as 222%.

Current Indiana law considers rates exceeding 72% a loan shark tort. Although payday lenders might offer higher rates for smaller loans, they may not be able to charge as much. Read more here: https://bridgepayday.com/

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HB 1319 received 53 votes from the Indiana House on Monday, 31 January and was assigned by the Senate Committee on Commerce and Technology.

Representative Sean Eberhart from Shelbyville said, “Even though these fees are outrageous and the percentage charged for them seem excessive, it’s still better than the options people have right now.” He represented the Northeast County section in Bartholomew.

Eberhart was the speaker at Monday’s Third Chamber Legislative Forum. It was hosted by Columbus Area Chamber of Commerce.

Everhart said that the only options for Hoosiers who are low-income may be short-term payday loans, or borrowing from loan sharks.

Some opponents, such as social service agencies, veterans organizations and religious organisations, argue that these loans can be predatory for vulnerable Hoosiers on a low income and can lead directly to permanent debt.

Walker said that he proposed a bill to limit annual interest rates to 36% on all loans. However his proposal didn’t get through the Senate. .

Discussion on the salary level

Monday’s discussion was related to Indiana’s salary levels.

Eberhart has been encouraged by local Democrats, including Columbus City Councilor Tom Dell and Bartholomew County Democratic president Bob Hyatt, to push for higher wages for Indiana workers.

After the publication of the Midwest Economic Policy Institute study last month, it has been a hot topic.

According to the study, the 2015 repealing of the Indiana Wage Act did not save taxpayers on school construction projects, and had a negative impact on wages, employment growth, and other industrial indicators.

These are the details of the study, which covers the past three years:

A 8.5% decrease in wages for blue collar construction jobs.

The lowest-paid construction workers saw a 15.1% decrease in their wages.

Comparable to Midwestern states that have wage laws, productivity is 5.3 percent lower.

1.5% slower rate of employment growth in public works than the neighboring Midwestern states.

Eberhart responded that he believed the minimum wage should be set by the market and not the government.

Eberhart stated that the strong economy and record employment rate offer many avenues for low-income Hoosiers to make bigger wages.

Brian Martin of Columbus agreed that low-income workers cannot afford minimum wage and must seek better-paying work.

Redistribution of electoral votes

Two redistribution bills were killed by a committee headed by Representative Milo Smith (R-Columbus), and a variety of residents raised concerns at Monday’s Third House Meeting. .

Smith could not attend due to other obligations.

Dennis Baute, a Bartholomew County Democratic Central Committee officer, stated that Smith’s refusal of holding hearings on two clips measures undermined the public trust in the state government.

Baute spoke to Greg Walker, State Senator. He wanted to know how Walker’s Senate Bill 326, which established redistribution criteria for distribution, could have passed Senate 42-6, only to die without Smith’s hearing.

Walker stated that he had convinced many Senate Republicans that redistribution criteria needed to be set this year. Walker stated that he was not as successful in convincing House Republicans.

Eberhart said that he supports Walker’s bill in principle, but the Shelbyville lawmaker stated that he still supported Smith and Speaker of The House Brian Bosma. .

Smith and Bosma said last week they believed it best to wait until the United States Supreme Court decided on a Wisconsin case regarding gerrymandering before creating new redistribution criteria in Indiana.

Smith declined to schedule a hearing in committee for Walker’s Bill. Rep. Jerry Torr (R-Carmel). Smith’s committee received the motion on Jan. 29. It would have created an independent commission for redistribution.

Overview: Bill 1319

Internal Bill 1319 would allow storefront lending to offer 3- to 12-month loans from $ 605 to $ 1,500 at annual percentage rates up to 222 per cent.

Current Indiana law considers rates exceeding 72% a loan shark tort. Although payday lenders might offer higher rates for smaller loans, they may not be able to charge as much.