LIVONIA, Mich. (11/18/14)--The Michigan Credit Union League (MCUL) has initiated a billboard campaign in the Lansing, Mich.-area that it hopes will grab the attention of lawmakers driving to the state Capitol.
|The Michigan Credit Union League has initiated a billboard campaign in the Lansing, Mich.-area that is targeted at payday lending legislation. (Michigan Credit Union League Photo)|
The campaign focuses on HB 5594, which would allow payday lenders to charge an additional monthly service fee (not including interest) of 9.75% per month on closed-end loans, of up to $5,000.00, calculated on the original amount borrowed and does not contain the wide variety of consumer protections that were built into the 2005 law that legalized payday lending in Michigan.
The campaign includes 27 billboards in the Lansing area and along the I-96 route in and out of Grand Rapids. The billboards will be up through December (Michigan Monitor Nov. 17).
MCUL Executive Vice President/Chief Operating Officer Ken Ross said a hearing on the bill during the lame duck session is still possible this year, but he added that as a result of the league's aggressive grassroots campaign over the last six months, which includes the lame duck billboard campaign, the likelihood of any movement on the bill is declining.
The bill is likely to carry over to 2015, he added.
Ross has asked Michigan credit unions identify instances in which they have helped members who found themselves caught in a cycle of bad debt from payday lenders. Credit unions have been asked to share that information with members of the MCUL government affairs staff and their lawmakers.