The 2014 North Alabama Annual Conference adopted an answer calling from the Alabama State Legislature to “pass appropriate legislation to suppress those activities of predatory lenders.” The quality noted вЂњprotection of this bad and disadvantaged is really a principle that is central ofвЂќ and вЂњthe Bible forbids usury in dozens of passages.вЂќ
In 2003, Alabama Legislature passed legislation which carved away a appropriate loophole that enables predatory lending to occur in Alabama. In addition it enables lenders to charge as much as 456 % interest (ARP).
Numerous churches, non-profits, community leaders, towns and company teams have actually accompanied the North Alabama Conference in expressing concern in regards to the usury from the loan that is payday as well as its effect in Alabama. Teams are also supporting significant reform of Alabama’s legislation managing lending that is predatory.
On Tuesday, February 19, from 7 p.m. to 8 p.m., you will see a roundtable forum regarding the abusive payday lending techniques in Alabama at Canterbury United Methodist Church in Canterbury Hall. Continue reading “Let me make it clear about Canterbury UMC to host Payday Lending roundtable forum”