Know the Record of Karen Minnis' House: Part II - Payday Loans

[OneMultnomahDem]

This is about the best summary I've seen on Karen Minnis' failure to curb abusive payday loans:

The Truth About Speaker Karen Minnis, the Oregon House Republicans and the Pay Day Lenders.

House Republicans killed Pay Day Loan Reform after taking Over $100,000 from the Industry.

We have all noticed the alarming growth in number of payday loan and cash on demand stores in Oregon. On virtually every main road in our communities you see dozens of these stores offering money on the spot to already cash strapped families.

These stores offer short-term loans with annual percentage interest (APR) of up to and in excess of 500% with renewals. Most borrowers find themselves unable to pay the loan back and are forced to pay even more interest and fees to simply extend the loan. Borrowers often find themselves in a worse financial position than when they first approached the payday lender.

Democrats Fought to Protect Struggling Working Families.

The pay day loan problem clearly illustrates the difference between Democrats and Republicans in the legislature. On one side are the Democrats, consumers and working families. On the other side are the Republicans, predatory lenders and greed. This is perhaps the best example of how blatantly Karen Minnis and the House Republicans have done the bidding of their special interest contributors.

Karen Minnis and House Republicans killed Pay Day Loan Reform in 2005.

Not a single Republican voted for SB 545, which would have finally established some protections from the pay day lenders for struggling working families.

On May 31st, 2005 the Senate Democrats passed SB 545 which would have capped pay day loan interest rates, established reasonable restrictions on renewals, created a repayment plan option for customers, and provided stronger enforcement mechanisms. It passed by a 17-13 margin—all 17 votes in favor coming from Senate Democrats.

The bill then went to the House, where Speaker Karen Minnis referred it to the State and Federal Affairs committee, where it languished without receiving a hearing. On August 2nd, the House Democratic caucus made one last ditch effort to break the bill free from the committee and allow for a vote on the floor by the full house. That motion failed on a party-line vote. Not a single member of the House Republican caucus crossed party lines to support this motion and pass SB 545.

Karen Minnis and the House Republicans have Taken Thousands from Pay Day Lenders.

Republicans in the Legislature have taken over $100,000 from Pay Day Lenders since 2002 according to the non-partisan Institute on Money in State Politics. Over $30,000 of this money - nearly one third - went directly to House Speaker Karen Minnis. These contributions have come just before the 2003 and 2005 sessions making their purpose undeniable.

Is there any doubt why Minnis and every House Republican voted to kill the Pay Day Loan Reform put forward by Democrats in 2005?

http://oregonhousedemocrats.blogs.com/blog/2006/03/the_truth_about.html

I'm not authorized or funded by any campaign or campaign committee.

I am simply one Oregonian who has had enough of Karen Minnis. And I want the details of her record to be easily accessible to anyone who's interested.

[Ken Burch]

1. I saw this in Astoria a couple of years ago.

There was a payday loan place right next to a center for mentally challenged adults, many of whom probably work in minimum wage jobs and are vulnerable to a payday loan pitch. I found this truly sickening.
Somebody should drive out there, get a picture of this, and use it against Minnis and the whole GOP legislature.