Advocates & Concerned Parties,

Appreciating the Center for Responsible Lending & CoPIRG, in recent lending discussions in Colorado, the passage of House Bill 23-1229 marks a pivotal step in shaping the legislative landscape of online lending.

We acknowledge the vital need for consumer protection and fair lending practices. We aim to highlight the vital service subprime lending institutions provide to consumers, particularly those confronting unforeseen financial urgencies without a strong credit background.

We serve a demographic often without alternatives in sudden financial crises. Be it urgent medical procedures, sudden home repairs, or vital auto maintenance, life doesn’t discriminate based on credit score. Subprime lenders often are the only avenue to navigate these crises without spiraling into more detrimental financial troubles.

Transparency & Fair Practices: Our Approach

It's vital to underscore that, while offering these necessary services, our industry upholds a commitment to transparency & fairness. We steadfastly commit to transparent loan terms, manageable repayment structures, and clear fee schedules, ensuring clients fully understand the agreements they enter.

Addressing Misconceptions: 'Rent-A-Bank' Schemes

Distinguishing between responsible subprime lenders and the "rent-a-bank" schemes recently highlighted is crucial. Although we empathize with concerns raised regarding rent-a-bank methods and DIDMCA misuse by certain entities, branding all subprime lenders identically obscures many within our industry's ethical and supportive practices.

Continuous Improvement & Industry-Wide Regulation

We echo sentiments that industry-wide regulation is paramount and welcome dialogues that enhance our services' efficacy and fairness. Through collective efforts with entities like the Center for Responsible Lending, we can develop and refine industry standards, ensuring all participants operate within ethical, consumer-friendly paradigms.

Collaborating for Fair & Accessible Financial Solutions

Rather than opposing, we seek to nurture collaboration and mutual respect.

We invite all stakeholders, advocates, and legislators to engage in open dialogue, where our unified goal is the financial well-being and protection of all citizens. We appreciate your dedication to ethical lending practices and consumer protection.

United, through constructive dialogue and collaborative reform, we can mold a financial landscape that upholds both consumers' security and the availability of crucial emergency financial resources.

Regards,
Jer@theBusinessOflending.com