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I support protecting victims of coerced debt, especially those facing domestic violence, but voiced concerns that S.B. 123 may not achieve its intended goals following the senate’s passage of the measure today.
Coercing someone into debt, particularly a loved one or partner, is wrong and devastating. I have always championed legislation that protects victims and holds perpetrators accountable.
S.B. 123 seeks to address coerced debt, however I believe it falls short in its current form. The bill might unintentionally create additional burdens for third-party lenders involved in private loan agreements, potentially leading to increased borrowing costs for consumers.
While this bill is well intentioned, it may have unintended consequences. Punishing an otherwise innocent third-party creditor who enters a private agreement could ultimately harm consumers by leading to higher rates and fees.
Proposing A Direct Approach
I offered an amendment to directly address the issue of coerced debt. The amendment makes coercing someone into debt a crime, focusing on penalizing the perpetrator rather than the creditor. Unfortunately, this amendment was voted down along party lines with one exception.
Seeking a Bipartisan Solution
I remain committed to finding a solution that effectively protects victims of coerced debt without placing undue burdens on creditors. I urge further discussion and collaboration with all parties involved.
I am hopeful we can find a bipartisan solution that achieves our shared goal of protecting victims while maintaining a healthy lending environment.
