1) We have to guarantee that fees are not exceeding 175% APR (Annual Percentage Rate). So, we need clear definitions of "New Loans", "modified loans", and a firm commitment to enforce the 175% APR CAP

2) A huge portion of lending happens without any level of reporting at all, and many consumers are being taken advantage of without the state's ability to prove any of it. It is imperative that the FID continue and uphold the reporting requirements in HB 347, or there is no true way to protect consumers.
3) We need to guarantee that everyone can understand what they're agreeing to. It shouldn't take a team of lawyers and judges to interpret a contract that is intentionally misleading. We need to stop the hidden fees, and make sure that everything is legible. The FID needs to guarantee that lenders are honest, understandable and transparent.

4) NAVA started our fight for fair lending asking for Payday lenders to donate a piece of their profits to financial literacy, that we might empower people to advocate for themselves. The FID needs to remain firm in supporting consumer education, and to clarify what is justified as financial literacy.

5) Consumers can not agree to something they don't have the tools to understand, and many of these loans target folks who don't speak fluent English. The FID needs to guarantee that loan agreements are available in English, Spanish, Navajo, and Vietnamese.

6) HB 347 forces customers to report credit to and from payday lenders, which occasionally helps consumers, but also can be very damaging especially to future employers. We need to allow consumers to opt out of reporting, to protect against a cycle of borrowing, and debt.

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