INDIANAPOLIS—Today in the Senate, Senate Bill (SB) 352 was defeated after failing to receive a constitutional majority to pass. Senate Assistant Democratic Leader Eddie Melton (D-Gary) released the following statement on the defeat of SB 352:

“While I commend Sen. Zay for working on this bill and attempting to make necessary changes to payday loans, I don’t think his proposal stood to benefit Hoosiers and I could not support it,” Sen. Melton said. “In a time when so many residents are particularly vulnerable because of this pandemic, we should be working to protect them against predatory lending companies—any action that seeks to reform payday loan practices without attempting to reduce the extremely high interest rates that trap residents in the cycle of debt, is the wrong move. I will continue advocating for legislation that aims to uplift and assist Hoosiers who are still struggling during these tough times.”