Monday, February 12, 2007

Bill to Protect Military Personnel from Predatory Lending Dies in Committee

State Senator Andrew Rice said his measure to protect Oklahoma’s military personnel from predatory lending is dead for the session after failing to receive passage from a Senate committee on Monday. Rice said Senate Bill 807 would have established safeguards to help consumers, military and non-military citizens from being caught in a cycle of chronic borrowing.

“I am disappointed that my bill died in committee because of a tie vote,” said Rice, D-Oklahoma City. “At the request of the Department of Defense, Congress passed similar legislation and President Bush signed it into law. My bill would have empowered our local authorities to have the statutory ability to protect our military personnel at bases like Tinker and Vance from these dangerous lending practices.”

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