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Legislative Alert:

Predatory Lending and Housing Bills Alerts

Predatory lending: strong, weak bills head for vote

Showdown!

This week:  A model consumer bill on predatory lending is heading for a show-down Wednesday with a weaker "industry bill."  Your call could make the difference. 

----- Original Message -----
From: George Lee
To: peoplesagenda@yahoogroups.com
Sent: Sunday, February 09, 2003 11:24 PM
Subject: [peoplesagenda] Fw: Predatory lending: strong, weak bills head for vote----- Original Message -----
From: Rich Seckel
To: Rich Seckel
Sent: Sunday, February 09, 2003 3:46 PM

Showdown!

This week:  A model consumer bill on predatory lending is heading for a show-down Wednesday with a weaker "industry bill."  Your call could make the difference.  Update:

  • A legislative panel heard stories February 5 from people affected by predatory lending:
    • HB 240 is based closely on AARP's Model Act for states
    • HB 240 is supported by AARP KY and the KY Home Protection Alliance
  • A weaker "industry bill" now has been filed by Rep. Bob Damron and five other House members (Westrom, Arnold, Baugh, Hall, Pasley) as HB 287.  The bill:
    • would cover no more loans than the current federal law
    • would bar local laws on predatory lending
  • Banking and Insurance Chair Rep. Jim Bruce has posted both bills for a potential vote.  The vote could come as early as Wednesday. 
Observers expect industry lobbyists to push hard for the Damron bill.  On the other side, Rep. Greg Stumbo and Rep. Robin Webb appear ready to fight to get the Kentucky Home Loan Protection Act, HB 240, to the House floor.  It won't be easy.  (It never is.)   
 
What you can do

What you do Monday and Tuesday could make the difference:

  • Call committee members:  Call and leave a message for members of the House Banking and Insurance Committee (below).  Tell them you want strong consumer protection against predatory lending.  Ask them to vote for HB 240 and protect it from being watered down. Tell them the industry bill, the "Damron bill," is too weak. 
  • Come to the hearing:  AARP and Kentucky Home Protection Alliance members will be there.  Join us at 10 a.m., Wednesday, February 12, in Room 149 of the Capitol Annex.

You can use the toll-free LRC message line to call your legislator:  1-800-372-7181.  You can also call the regular LRC line at 1-502-564-8100.  Just ask for your Representative by name.   Usually, LRC staff will answer and take a message.  Sometimes, your lawmaker will be there. 

House Banking and Insurance Committee

This week, we've added cities and counties to help you identify your legislators
 
Rep. James Bruce, Chair     Hopkinsville         Christian
Rep. John Adams                Hopkinsville         Christian, Trigg
Rep. Paul Bather                 Louisville             Jefferson
Rep. Sheldon Baugh            Russellville          Logan, Todd
Rep. Mike Denhan               Maysville             Bracken, Fleming, Mason 
Rep. Don Pasley                 Winchester          Clark, Madison
Rep. Tommy Thompson       Owensboro          Daviess
Rep. James Comer              Tompkinsville       Cumberland, Green, Metcalf, Monroe
Rep. Brian Crall                   Owensboro          Daviess
Rep. Ron Crimm                  Louisville             Jefferson
Rep. Bob Damron                Nicholasville         Fayette, Jessamine
Rep. Teddy Edmonds           Jackson
Rep. Joseph Fischer            Ft. Thomas          Campbell
Rep. Danny Ford                 Mt. Sterling          Lincoln, Pulaski, Rockcastle
Rep. James Gooch              Providence           Daviess, Hopkins, McClean, Webster 
Rep. Dennis Horlander         Shively                 Jefferson
Rep. Frank Rasche              Paducah              McCracken
Rep. Steve Riggs                 Louisville              Jefferson
Rep. Arnold Simpson           Covington             Kenton
Rep. Brandon Smith             Hazard                Harlan, Perry
Rep. Roger Thomas             Smith's Grove       Warren
Rep. Ken Upchurch              Monticello            McCreary, Pulaski, Wayne
Rep. Susan Westrom           Lexington             Fayette
Rep. Rob Wilkey                  Scottsville            Allen, Simpson, Warren

Thank the sponsors

You may also wish to thank the sponsors of HB 240.  They will be under plenty of pressure!  Here’s the list: 

Reps. Greg Stumbo, Robin Webb, Rocky Adkins, Adrian Arnold, Eddie Ballard, Joe Barrows, Paul Bather, Buddy Buckingham, Tom Burch, Jim Callahan, Mike Cherry, Larry Clark, Jack Coleman, Derrick Graham, J.R. Gray, Charlie Hoffman, Joni Jenkins, Jimmie Lee, Mary Lou Marzian, Harry Moberly, Fred Nesler, Ruth Ann Palumbo, Don Pasley, Ancel Smith, Kathy Stein, Roger Thomas, Jim Thompson, Jim Wayne, Rob Wilkey

Note:  Several earlier sponsors of HB 240 dropped out:  Reps. John Adams, Kevin Bratcher, Ron Crimm, Charles Geveden and Reginald Meeks.  You might want to ask them why and urge them to stay with HB 240.  If your Representative isn’t on the list of sponsors, you may wish to ask them to co-sponsor HB 240, too.

Learn more

Predatory lending issues can get technical.  To learn more, try these useful resources:

AARP Bulletin:          Beware:  Predatory Lenders at Work"
Responsible Lending: The Case for Predatory Lending Reform
We'll try to give you new links and resources each week.
 
Feedback loop
 
Members of the Kentucky Home Protection Alliance are working hard to respond to every concern and question about HB 240.  We want to make clear that the bill will help stamp out abuses without harming responsible lenders or access to loans. 
 
Let us know what your legislators are saying and asking.  Just write us a note and we’ll answer it or run it by the best experts we can find -- including the best in the nation.  Meanwhile, forward this to everyone who can help!

Prepared by:

Richard Seckel, Director
Office of Kentucky Legal Services Programs
201 West Short Street, Suite 301
Lexington, KY  40507
richseckel@prodigy.net
859-233-3057

The Kentucky Home Protection Alliance

Join us!  Read our Statement of Principles calling for strong protections against predatory lending (attached).  Fill out the form and join the list.  Five groups joined us since last week!   

  1. AARP Kentucky
  2. Access to Justice Foundation
  3. Catholic Conference of Kentucky
  4. Christian Community Center of Vanceburg
  5. Consumer Assocation of Kentucky
  6. Federation of Appalachian Housing Enterprises (FAHE)
  7. Homeless and Housing Coalition of Kentucky
  8. Kentucky Association for Community Action
  9. Kentucky Council of Churches
  10. Kentucky Task Force on Hunger
  11. Kentucky Youth Advocates
  12. Legal Aid of the Bluegrass
  13. Louisville Branch NAACP
  14. Low Income Housing Coalition of Eastern Kentucky
  15. Office of Kentucky Legal Services Programs
 


 

 

 

 

 

 

Neighborhoods Connection:

Security of people in their housing and finances (as owners or tenants) is essential for family and neighborhood health, safety and stability.

Housing IS a neighborhoods issue, as most folks in neighborhoods and small communities know.
Neighborhoods advocates and activists might want to support this and related issues of sustainable financing for housing as "neighborhoods advocacy issues."
For now, these folks could use our support. 
In the longer term, we should also support financing strategies which improve sustainability by various forms of efficiency and life cycle financing. Efficiency loans reduce interest and payments by making homes and neighborhoods more efficient and affordable while greening their neighborhoods, making them healthier, more livable and reducing dependence on non-renewable resources. Examples from around the country (and in development here) include "smart commute" location efficient mortgages, and "utility saver" energy efficient mortgages. As with the predatory lending reforms, they aim to make homes more affordable and keep financial resources in families and stable neighborhoods.
We may find that the folks below will be important allies in creating sustainable neighborhoods and communities.

 

 
Louisville Neighborhoods
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Last updated: November 29, 2003.