On Tuesday, June 11, 2013, Pittsburgh City Council will pass a Will of Council opposing PA Senate Bill 975, which would open Pennsylvania to predatory lending practices that endanger working families. The so-called “consumer protection” measure would:
- weaken Pennsylvania’s existing unethical lending statutes
- permit annual percentage rate (APR) finance charges in excess of 300% on a two-week balloon loan
- permit lending without considering the customer’s ability to repay the loan
- permit lenders to make virtually unlimited consecutive loans against every paycheck