Documente Academic
Documente Profesional
Documente Cultură
FOR IMMEDIATE RELEASE: May 24, 2011, Raleigh, NC
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
organizaTon, the RLNC. “And it is a bi‐parTsan issue,” Braxton feels, “which needs to be
discussed in a civilized and honest way.”
“Truth has not been on the agenda lately—not if we look at the acTviTes of
the Center for Responsible Lending (CRL) and a[empts to involve the military
to stop payday lending in NC. There is no payday lending in NC. Payday
lending is not involved in HB 810. It’s nonsense.”
“The CRL has directed the discussion to loan products prohibited here—not
about HB 810 because the facts don’t support their agenda. They are
creaTng distracTons and confusion,” stated Braxton. “A level‐headed look at
HB 810 shows its benefits and what it offers our state.”
“This bill safeguards old‐fashioned, one‐on‐one consumer loans in local neighborhoods. It protects the
process of face‐to‐face loan applicaTons, credit review, credit reporTng and credit building.”
William Braxton further reported today that consumer installment lending is good for business in North
Carolina. “It’s a fact that money from small dollar loans in North Carolina is spent in North Carolina.” In
addiTon, he outlined the following points:
• Finance company loans are highest among those with incomes of $55,000—$75,000.
• These consumers are well‐informed, employed North Carolinians.
•
Finance company customers surveyed by UNC for the NCCOB were very saTsfied with consumer
installment loan products they received.
•
Finance company customers rated the consumer installment company loans highest in
saTsfacTon, and second only to bank loans in terms of perceived fairness.
Braxton further outlined the benefits for North Carolina if HB 810 is passed:
•
Hundreds of thousands of North Carolinians use this safe and responsible service every year to
achieve family goals, pay for educaTon, handle home repairs, and much more.
•
A small percentage of military personnel staToned in NC also count on these loans to assist
them when needed, or in achieving important goals like building credit so that they can buy
homes or for other purposes like educaTon, auto repair, etc.
When asked why he feels the industry has such a high customer saTsfacTon rate, William Braxton
indicated that, “The consumer installment loan industry only succeeds when loans are saTsfactorily
paid back. It’s a win‐win for consumers and the industry—and makes for happy customers. The process
of giving these loans includes a one‐on‐one review of budgets and a conversaTon to create loans that
can be paid back in a reasonable fashion.”
Based on their recent acTvity in Raleigh, the CRL appears to want to discuss issues that are not in this
new bill—calling for legislators to stop payday lending and loans that would put the military in harm’s
way. The military spokespeople also menToned loan offices right outside the military bases, again a
reference to payday lending offices of old, which do not exist in North Carolina. Braxton explained: “We
need to sTck to the truth and the real issues. In fact, this is a bi‐parTsan bill—one that can benefit
North Carolina borrowers by keeping safe credit available.”
North Carolina has been a leader in the naTon regarding safe and affordable small dollar loans. Braxton
spoke on this issue: “We should not allow poliTcal agendas to deny North Carolinians access to much
needed credit in an effort to get naTonal a[enTon for other poliTcal causes in a case of poliTcal
jockeying. The facts speak for themselves.”
Contact: William Braxton, President RLNC, 336-269-0908, williampatmac@aol.com