IBLC: Senate Bill 613 is wrong and must be stopped

INDIANAPOLIS – State Rep. Robin Shackleford (D-Indianapolis), chair of the Indiana Black Legislative Caucus (IBLC), today issued the following statement on Senate Bill 613, which would enable payday and subprime lenders to charge interest rates on small loans at levels above what is considered felony loan sharking:

“As the Indiana House begins to consider this proposal, the Indiana Black Legislative Caucus wants to make it clear that Senate Bill 613 would have a disastrous impact upon minority communities across our state.

“SB 613, it should be labeled for what it is: legalized loan sharking in Indiana.

“By enabling payday lenders to create new types of loans with interest rates that can go as high as 192 percent, we will be perpetuating a cycle of poverty and hopelessness for minorities, veterans, and others living day-to-day on low or fixed incomes.

“Put simply, this bill is wrong and must be stopped. The IBLC will work to defeat this bill by educating our colleagues on what will happen if it becomes law.”