Governor creates payday loan task force - WSFA.com Montgomery Alabama news.

Governor creates payday loan task force

Governor creates task force (Source: Governor's Office) Governor creates task force (Source: Governor's Office)
(WAFF) -

A newly formed statewide task force will attempt to better regulate the $46 billion payday loan industry.

Governor Robert Bentley signed an executive order on Tuesday to create the Alabama Consumer Protection Task Force. The goal of the group is to identify weaknesses in state credit laws, and develop policy that can better protect Alabamians from predatory lenders.

“One of the largest problems affecting Alabamians who are in need of emergency funding is the predatory lending practices of some payday or title pawn lenders out there,” Governor Bentley said. “I am creating this task force so that we can put a stop to the practices and better protect Alabama consumers.”

READ MORE: PAYDAY LOAN REFORM – BEHIND THE BIG BUCKS

More than 200,000 people in Alabama rely on payday lenders every year. The popularity of the businesses, and the concern for lopsided loan terms, pushed lawmakers to try and pass statewide reform in the last legislative session. The bill fell flat.

The task force is made up of 33 financial and legal experts. The group will report its findings and recommendations to the Governor by January 30, 2017.

READ EXECUTIVE ORDER:

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