Hello, I hope this email finds you well. I am Sofia Franco from the Center for Responsible Lending (CRL). CRL is a non-profit, non-partisan policy and research organization dedicated to building family wealth through the elimination of predatory lending practices. This is a courtesy reminder to support CRL's efforts to combat predatory high-cost consumer loans ranging from $2,500 to $10,000, where there is currently no statutory APR limit. According to a 2016 annual report by the California Department of Business Oversight (DBO), 58% of high-cost installment loans of $2,500 to $5,000 had 100% APRs or higher. These destructive loans leave the borrower with damaged credit, and the inability to access future credit and regain financial stability. I'm reaching out to you because your city passed a local ordinance to restrict predatory payday lending in previous years. We are asking that you sign a support letter and urge your city to pass a resolution in support of Assemblymember Ash Kalra's bill, AB 2500, The Safe Consumer Lending Act. This bill would cap interest rates for loans up to $10,000! To assist in this process, I have attached a fact sheet and a sample support letter. Please let me know if you are able to do either of these actions. If you have any further questions, please reach out to me at this email address. I would be more than happy to arrange a phone meeting, as well. Thank you exceedingly for your time and attention to this request and we look forward to hearing from you. Regards, Sofia Franco Sofia.Franco_at_(domainremoved) Center for Responsible Lending www.responsiblelending.org http://www.responsiblelending.org > application/pdf attachment: CRL_Fact sheet_final.pdf application/vnd.openxmlformats-officedocument.wordprocessingml.document attachment: Sample support letter_AB2500.docx
