★ North Carolina HB810 Importance Explained by Chris McKinley

www.AssociationForInstallmentLending.org Say YES to House Bill 810 and Senate Bill 761—to help stop predatory and unregulated offshore lending for North Carolinians. That's what many are saying and it's become a hot topic in the legislature in Raleigh. Proponents of the bill feel that passing it will benefit NC. "Passing HB 810 is one of the key benefits of making sure the consumer installment lending industry remains strong in NC," according to William Braxton, president of the NC independent lending organization, the RLNC. "And it is a bi-partisan issue," Braxton feels, "which needs to be discussed in a civilized and honest way." "We don't want North Carolinians traveling over the border to get loans or going on the Internet. That leaves consumers subject to unregulated lenders. How is that good for consumers in NC? It is not. Right now the smaller dollar loans are not even available in NC. The industry can't afford to offer them. Passing HB810 would help. We need this bill to pass in order to allow the highly regulated consumer loan industry to function effectively in this state." Those who reviewed HB 810 summarized its goals. Simply, it allows a small loan rate increase in NC—after a 28 year moratorium. It offers protections for North Carolinians from unsafe borrowing and undisciplined debt. In fact, HB 810 requests just a few dollars a month more than loans as they are now given. Braxton explains "The dollar difference is minimal. Anyone who says differently is not ...