Opponents of the bill say it would unnecessarily limit consumers’ choices and reduce loan options for borrowers with poor credit.
Andrew Duke leads the Online Lenders Alliance, a financial technology group that opposed the bill.
“The proponents were trying to paint a picture that if you enact this bill and put more restrictions in place, lenders will just keep making loans to the same borrowers at lower cost. That is patently false,” he said in an interview.
Dunleavy declined an interview request but made a similar case in his veto message.
Duke also said the bill could restrict small businesses’ access to credit, though public interest researcher Lubke said the bill would not affect commercial lending. The head of the state Division of Banking and Securities did not immediately return a phone call and email seeking comment.
Read the full article in Alaska Public Media
