"For Lenders You Can Trust Look For The Borrow Smart Seal."

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BIRMINGHAM

 MORATORIUM

CITY TEAM

This page is to provide additional member only information and to assist in coordinating activities for attending the city of Birmingham's hearing for the short-term lending moratorium.  Scroll down to read all the updates and check back often for more information.

October 19, 2011 -- Update -- Q&A

Q.  Will those who agree to testify be compensated?

A.  We will absolutely reimburse them for any expenses!  We will provide more specifics regarding reimbursement later.

Q.  Is a moratorium legal?

A.  Click here for the answer.

October 18, 2011 -- Update -- The following information is what we know presently regarding the meeting.  The hearing date is unknown at the moment.  Check back often for updates.

A hearing has been planned by the Birmingham City Council for a proposed moratorium against our industry.  We will be allowed to testify and participate in the hearing.  At the moment we do not know when the hearing will be held and may very well not know until the day before the hearing is scheduled to be held. We do know it will be held on a Tuesday (some Tuesday). We anticipate the meeting will occur within the next three to four weeks.

In connection with this, we need a show of our people at the hearing in the gallery of the council chambers at the time of the hearing. More importantly, we need customers who are willing to testify for us. Both are important, but the customer is critical.

September 26, 2011 -- Update -- An industry group funds legal research & meeting with Birmingham city attorney.  Is it legal? 

An industry group funded an extensive legal opinion relating to the moratorium.  The group was made up of the following individuals/companies: Roy Hutcheson (TitleCash), Rob Grieser (CheckSmart), Charles Hunter (Money Store), CFSA (Michael Sullivan, Merideth Broyles  & Dawn Morrow) & Robert Reich (Community Loans). Maury Shevin with Sirote Permutt prepared the opinion and met with the city attorney.  In a few words, the opinion finds that the legal basis of the proposed moratorium is not sound and most likely will not stand a legal challenge in its current form.  That in no way implies that the city will not implement a moratorium.  It does, however, mean in its current from it most likely will not hold up in a court of law if it is challenged.

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