HB 1174 is an explosion of predatory lending. This bill creates a wide array of possible high-cost loan products that will cause serious harm to Hoosiers. The bill almost did not make it through the halfway point, passing on the House side by 1 vote (51-46 with 3 excused)! We are now asking you to please reach out to your State Senators to stop the bill from advancing any further.

This bill, which has been supported by two prominent out-of-state payday loan companies, creates new longer-term loans of up to $5,000 with monthly "service" fees of up to $200/month. These service fees can be charged every month for the life of the loan, no matter how much a borrower has paid back - in addition to interest and other charges. The bill also allows very large loans - like car loans - to charge interest rates as high as 36%, a dramatic increase from our current cap of 25%.

Please urge your elected officials to vote NO on HB 1774.