VOICE successful in getting veto to payday loan expansion
[Excerpts]
A payday loan bill that had drawn strong opposition from many church leaders [in VOICE] because of its financial impact on low-income families was vetoed Friday by Gov. Mary Fallin. . . .
Fallin said Oklahoma law currently limits a borrower to a $1,000 loan from payday loan institutions, but the bill would have allowed a borrower to receive a loan for an additional $1,500, "thus stacking their liabilities for repayment on these high interest loans." . . .
Fallin said she vetoed a previous payday loan bill in 2013 because of her "concerns with the frequency low-income families in Oklahoma were using these lending options, and the resulting high cost of repayment to those families."
Fallin urged lawmakers to seek advice from all stakeholders, including consumer advocates, mainstream financial institutions and her office, if they choose to revisit the issue.
