Hoosiers for Responsible Lending Issues Statement Following the Passage of SB 352 by the Indiana Senate

For Immediate Release

February 1, 2022

Contact: Natalie James, (317) 222-1221 ext.406, njames@prosperityindiana.org

The Hoosiers for Responsible Lending (HRL) coalition issued this statement following the passage of SB 352 by the Indiana Senate:

“We are extremely disappointed by the Indiana Senate’s passage of SB 352. Simply put, the bill expands predatory lending in Indiana without any consideration for financially vulnerable Hoosiers and the families,” said HRL member Andy Nielsen, Senior Policy Analyst for the Indiana Community Action Poverty Institute. “The bill creates a problematic new loan product, preserves payday lending, and lacks any consumer guardrails—fueling a debt trap during a time of economic recovery­. Our legislature should focus on solutions that provide equitable, responsible access to credit. Unfortunately, the Indiana Senate has taken the opposite approach. Our coalition will continue to fight this bill, and ask that each and every Hoosier do the same,” Nielsen said.

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About Hoosiers for Responsible Lending

Hoosiers for Responsible Lending was created by a network of advocates working to empower Hoosiers who have been affected by any form of predatory lending. HRL raises awareness of predatory practices across Indiana in order to hold lenders accountable and create attainable pathways to wealth building for all Hoosiers. The alliance includes veterans organizations, faith communities, consumer groups, and social service providers who recognize both the benefits of equitable, responsible lending and the damages of predatory lending.