2026 Regular Session - Day 54 - SB 219 | Rep. Michael Sarge Pollock

Mr. Speaker, please ask the clerk to report the House Committee Substitute 1. Clerk, please report. House Committee Substitute 1 to Senate Bill 219. Gentleman from Taylor. Move adoption. Motion is for the adoption of House Committee Substitute 1. Is there any discussion of the Committee Substitute? Seeing none, those in favor signify by voting aye. Aye. Those opposed, nay. House Committee Substitute 1 is adopted. Gentleman from Taylor. Thank you, Mr. Speaker. Senate Bill 219 as amended by the Committee Substitute is a payday lending cleanup bill that does two things. First, it removes the Department of Financial Institutions' authority to set the payday lending database fee and sets the fee at the $3 cap that this General Assembly voted on in the 2024 session. The payday loan limit has never been raised and $500 doesn't go as far as it used to, as we all know. The second thing this bill will do is increase the payday loan limit to $600 and applies an inflation escalator that caps out at $850. I want our payday lending industry to be regulated. I do not want the general funds to pay for that regulation, and for that, I support these changes. Mr. Speaker, I yield to the gentleman from Jessamine for a friendly amendment. House Floor Amendment 1. Is there any discussion of the floor amendment? Seeing none, those in favor signify by voting aye. Those opposed, nay. House Floor Amendment 1 is adopted. Gentleman from Taylor. Mr. Speaker, that's what the bill does. I move passage of the Senate Bill 219 as amended by the House Committee Sub 1 and the House Floor Amendment 1.