[Congressional Record Volume 151, Number 93 (Tuesday, July 12, 2005)]
[Extensions of Remarks]
[Pages E1466-E1467]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          MILITARY PERSONNEL FINANCIAL SERVICES PROTECTION ACT

                                 ______
                                 

                               speech of

                         HON. KENDRICK B. MEEK

                               of florida

                    in the house of representatives

                         Monday, June 27, 2005

  Mr. MEEK of Florida. Mr. Speaker, I rise today to strongly support 
Title II of H.R. 458, the Military Personnel Financial Services 
Protection Act. Title II's provisions are especially important as they 
will help prevent high-cost military lenders from preying on the men 
and women who are serving in our Armed Forces.
  This important measure provides needed protections for military 
borrowers from various

[[Page E1467]]

types of high-cost lenders, including for example, finance companies, 
title lenders and small loan companies.
  These legislative provisions will give military personnel new warning 
disclosures and special protections against abusive collection 
practices and other improper lending practices by unethical lenders 
like Pioneer Financial that target vulnerable service members and 
charge unreasonably high rates and fees and sell them grossly 
overpriced credit insurance and who then refinance these predatory 
loans within the first 12 months if possible to generate more 
unjustifiable fees for the lender.
  Mr. Speaker, I commend Mr. Davis of Kentucky and other colleagues who 
took the lead in developing this legislation, and am proud to lend my 
support as it will help ensure our Armed Forces personnel will have 
essential new safeguards to stop abuses that Pioneer and some other 
unscrupulous high-cost lenders have engaged in.

                          ____________________