Settlement to forgive thousands of Oklahomans’ debts to payday lender


FINANCIAL HOLE. KELSEY: OKLAHOMA DEPARTMENT OF CONSUMER CREDIT MADE AN AGREEMENT WITH CASH CALL INC. FOR THAT WILL REDUCE THOUSANDS $1 MILLION. OF OKLAHOMANS LOAN BALANCES TO ZERO.>>THEY KNOW THAT THE PREDATORY LENDING TACTICS ARE UNFAIR AND ITS BEEN PROVEN BY THIS SETTLEMENT. KELSEY: STATE REPRESTATIVE, MICKEY DOLLENS HAS TWO BILLS THAT WOULD PUT STRICTER REGULATIONS ON PAYDAY LENDERS. WHAT CAN WE DO TO HELP THEM GET THE MONEY THEY NEED WITHOUT BEING CHARGED AN ARM AND A LEG. KELSEY: HOUSE BILL 1596 ALLOWS PEOPLE TO TAKE OUT ONE LOAN TO PAY OFF AN OUTSTANDING PAYDAY LOAN.>>AS OF RIGHT NOW THEY CAN TAKE , OUT NUMEROUS LOANS TO PAY OFF OUTSTANDING LOANS. KELSEY: IN 2014, IN OKLAHOMA, ALONE, OVER WERE FROM FEES AND $52 MILLION INTEREST PAID TO PAYDAY LENDERS. CASH CALL INC IS ALSO REQUIRED TO REMOVE ALL NEGATIVE INFORMATION ON EACH BORROWER’S CREDIT REPORT.

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