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Oklahoma Governor Vetoes Payday Lending Bill
Tuesday, May 9, 2017 7:00 AM

Oklahoma Governor Mary Fallin on Friday vetoed a bill designed to ease regulations on the payday lending industry in Oklahoma.

In her veto message, the governor said, “The citizens of Oklahoma already have access to a variety of high-interest small loan (payday) lenders and use those lenders at record levels. In 2013, I vetoed Senate Bill 817 due to my concerns with the frequency low-income families in Oklahoma were using these lending options and the resulting high cost of repayment to those families.”

Oklahoma Credit Union President Nate Webb applauded the governor’s veto decision, “The payday lending industry brought substantial firepower to the Capitol this year, but I was always confident the governor would see this bill for what it was, another attempt to prey on Oklahomans who could least afford it."

This is the second year in a row the payday lending industry has introduced legislation to ease restrictions on their industry. The governor warned in her veto message that if the Legislature tried to push a similar bill again, they should alter their approach by working with all stakeholders.

Webb agrees. "I request, if the Legislature attempts to pursue these lending options in the future, that it seeks advice from all stakeholders," he said. "For example: consumer advocates, mainstream financial institutions, and my office, so that any legislation will result in better services and options for the citizens of Oklahoma."