Resolution Number: 2012-A081
Title: Reform Usury Laws
Legislative Action Taken: Concurred as Substituted
Final Text:

Resolved, That the 77th General Convention of the Episcopal Church commit to working towards usury laws that reflect the following goals:

  • Creating stricter usury laws and regulations that establish the principles of fair loan structures, fair repayment schedules, and interest rates such that debts can be repaid in a timely manner without crushing the debtor; and
  • Eliminating loopholes in usury laws and other regulations that allow for and sustain predatory lending practices; and be it further

Resolved, That the 77th General Convention of the Episcopal Church encourage The Episcopal Church’s commitment that interest rates and usury laws need reformation in our society; and that the Episcopal Public Policy Network assist local bishops, dioceses and congregations with this issue in their federal, state and local settings.

Citation: General Convention, Journal of the General Convention of...The Episcopal Church, Indianapolis, 2012 (New York: General Convention, 2012), p. 282.

Legislative History

Author: Standing Commission on Social Justice and Public Policy
Originating House: House of Deputies
Originating Committee: National and International Concerns

House of Deputies

The House of Deputies Committee on National and International Concerns presented its Report #24 on Resolution A081 (Call for Reform Certain of Interest Rates) and moved adoption of a substitute.

Original Text of Resolution

(A081)

Resolved, the House of Bishops concurring, That the 77th General Convention of the Episcopal Church commit to working towards usury laws that consider the following principles:

  • Reforming interest rates such that debts can be repaid in a timely manner without crushing the debtor;
  • Creating stricter usury laws which continue to establish the idea of a fair repayment schedule;
  • Eliminating a carve out of usury laws and other regulations for the most egregious of loans; and
  • Working towards a lowering of the maximum interest allowable by law to 12.99%; and be it further

Resolved, That the 77th General Convention of the Episcopal Church encourage The Episcopal Church’s Office of Government Relations to speak on behalf of The Episcopal Church’s commitment that interest rates and usury laws need reformation in our society; and that the Episcopal Public Policy Network assist local Bishops, Dioceses and Public Policy Networks with this issue at their federal, state and local setting.

Committee Substitute

Resolved, the House of Bishops concurring, That the 77th General Convention of the Episcopal Church commit to working towards usury laws that reflect the following goals:

  • Creating stricter usury laws and regulations that establish the principles of fair loan structures, fair repayment schedules, and interest rates such that debts can be repaid in a timely manner without crushing the debtor; and
  • Eliminating loopholes in usury laws and other regulations that allow for and sustain predatory lending practices; and be it further

Resolved, That the 77th General Convention of the Episcopal Church encourage The Episcopal Church’s commitment that interest rates and usury laws need reformation in our society; and that the Episcopal Public Policy Network assist local bishops, dioceses and congregations with this issue in their federal, state and local settings.

Motion carried

Substitute resolution adopted

(Communicated to the House of Bishops in HD Message #179)

House of Bishops

The House of Bishops Committee on National and International Concerns presented its Report #24 on HD Message #179 on Resolution A081 (Call for Reform Certain of Interest Rates) and moved concurrence.

Motion carried

The House concurred

(Communicated to the House of Deputies in HB Message #227)

Resolution Concurred by Both Houses, July 11.

Report Reference:   Standing Commission on Social Justice and Public Policy, Reports to the 77th General Convention, 2012, pp. 516-527.
Abstract:   The 77th General Convention commits to reforming usury laws to establish fair loan structures and interest rates and an end to predatory lending practices.