Rep. Olszewski’s support for responsible lending products
for low-income consumers stands out during session
Florida Alliance for Consumer Protection presented Rep. Olszewski with its award for his support for legislation that promoted responsible lending products for hard working families during the 2018 legislative session. Rep. “Bobby O” filed HB 555 that sought to place a rate cap of 36% per annum on deferred presentment transactions or payday loans, joining Sen. Dennis Baxley and Sen. Annette Taddeo who filed senate companion, SB 642. Rep. Olszewski’s bill would have provided veterans, the elderly and others on fixed incomes, as well as families, the same rate cap for payday loans that are provided to our active military and their families.
Rep. Olszewski, showing consistency in his support for responsible lending products, also opposed the expansion of payday lending in voting against legislation that allows borrowers to take out even bigger payday loans that will cost them more than loans currently provided.
“Rep. Bobby O understands the need for borrowers to have access to loans that do not charge predatory, triple digit interest rates,” said Alice Vickers, director of FLACP. “He understands that for the economy to continue growing, borrowers need the economic stability provided by responsible lending.”
“Exploiting the working poor and people on fixed incomes is a form of theft,” said Michael Sheedy, executive director at the Florida Conference of Catholic Bishops. “Payday loan products are too often ‘debt traps’ that profoundly harm borrowers and their families. Rep. Bobby O. stood to protect everyday Floridians against deep-pocketed special interests who prey on the plights of others, and we thank him greatly.”
FLACP was pleased to present the recognition at the Florida Prosperity Partnership conference in Orlando, where Rep. Olszewski participated in a panel discussion around alternative lending products. Payday lenders Amscot and Advance America were invited to participate in the panel discussion but FPP said they did not respond to the invitation. Rep. Bobby O joined representatives from Oportun Loans, Capital Good Fund, True Connect, Prosperity Now and the Federal Reserve Bank in Atlanta in a wide-ranging discussion about responsible lending.