LANSING, Mich., May 12, 2023 — State Rep. Jennifer Conlin (D-Ann Arbor Township) testified yesterday in the House Committee on Insurance and Financial Services (DIFS) in support of House Bill 4343. The bill, sponsored by Conlin, requires DIFS to submit an annual report on payday lending to the Legislature and post it on the department’s website.

“Victims of predatory payday lenders are often members of low-income, disadvantaged communities,” Conlin said. “This annual study will help ensure that we are vigilant in the Legislature about the abuses payday lenders perpetrate on vulnerable populations — and hold them accountable.”

Predatory lenders impose unfair or abusive loan terms on borrowers, including high interest rates and narrow time windows for repayment. They often use coercive tactics and target borrowers with credit problems or who have recently lost their jobs. Rising prices have provided payday lenders with only greater opportunities to exploit customers, leading to record-breaking profits in 2020. Many states already prohibit high-cost payday lending.