Gay-Dagnogo on payday lending consumer protections

Wednesday, May 27, 2020

“The payday lending industry has become incredibly intertwined with many communities across Michigan, including in Detroit. In the coming months and years, following the COVID-19 pandemic, the demand for these services will only increase, as will the potential for predatory lending practices. As members of the Legislature have a responsibility to ensure Michiganders who need to utilize these services can do so safely. I am pleased that my colleagues recognized the importance of these protections today with the passage of HB 5253, which will ensure an annual report compiled by the Department of Insurance and Financial Services highlighting bad actors. I look forward to seeing its passage in the Senate.”