This month at the Indiana Statehouse, Assets & Opportunity Network partners helped spearhead the defeat of SB 245, a bill to authorize new, longer term predatory loans with high interest rates. The bill would have allowed a borrower to take out up to a $2,500 loan at 240 percent APR and repayment terms of 24 months. The bill was amended to a cap of 18 months, $1,750, and 216 percent APR. Nineteen opponents testified against the bill, representing credit counselors, former payday borrowers, non-profit organizations, religious leaders, a former payday loan company employee, veterans’ groups, and more. The bill was defeated in a 4-5 vote. Please help us thank Senators Bray, Melton, Mrvan, Ruckelshaus, and Walker for their key votes to help protect Indiana families.