15. SB 1247 - Ellis Amendment

Adoption; April 22, 2013; Journal Page 1107: 17 Yeas, 13 Nays

YCT Nay. SB 1247 would have placed restrictions on payday and other short-term lending by restricting interest charged on extension of credit. Amendment 12 to the bill would have gone even farther – imposing a 36 percent cap that some opponents of the loan companies, including at least one Senator, admit could kill the industry. YCT opposes efforts by the legislature to pick winners and losers by targeting and attempting to kill industries it dislikes.