New Hampshire State Senate Voted to Pass 36% Rate Cap on Payday Loans
February 14, 2008Contacts: Jamie Fulmer - (864) 342-5633
Director of Public Affairs
New Hampshire State Senate Votes to Pass 36% Rate Cap on Payday Loans
SPARTANBURG, S.C., February 14 — Statement by Jamie Fulmer, Director of Public Affairs, Advance America, in response to the vote by the New Hampshire State Senate on HB 267 and SB 472:
Over 70% of New Hampshire residents surveyed in a recent Zogby poll sent a loud and clear message that they want to keep payday loans available . Although we are disappointed by today's vote in the State Senate to take away this trusted, regulated credit option from consumers, we look forward to continuing to work with legislators and the governor to craft reasonable alternatives that will balance consumer need with consumer protection and hopefully save the jobs of over 200 New Hampshire residents.
In a separate vote, the Senate clearly recognized the need for this credit option by creating a commission to study this issue. Unfortunately, if a 36% rate cap becomes law, there will not be adequate time to address their recommendations before the industry would be forced to close our doors and this regulated credit option will be taken away from consumers.
About Advance America
Advance America operates 24 stores in New Hampshire and employs over 50 people. Founded in 1997, Advance America, Cash Advance Centers, Inc. (NYSE: AEA) is the country's leading provider of payday cash advance services, with approximately 2,800 centers in 35 states. The company offers convenient, less-costly credit options to consumers whose needs are not met by traditional financial institutions. The Company is a founding member of the Community Financial Services Association of America (CFSA), whose mission is to promote laws that provide substantive consumer protections and to encourage responsible industry practices.
Forward-Looking Statements and Information:
Certain statements contained in this release may constitute “forward-looking statements” within the meaning of federal securities laws. All statements in this release other than those relating to our historical information or current condition are forward-looking statements. For example, any statements regarding our future financial performance, our business strategy, and expected developments in our industry are forward-looking statements. Although we believe that the current views and expectations reflected in these forward-looking statements are reasonable, those views and expectations and the related statements are inherently subject to risks, uncertainties, and other factors, many of which are not under our control and may not even be predictable. Therefore, actual results could differ materially from our expectations as of today and any future results, performance, or achievements expressed directly or impliedly by the forward-looking statements. For a more detailed discussion of some of the factors that may cause our actual results to differ from our current expectations, please refer to the “Risk Factors” section of our Annual Report for the year ended December 31, 2006, a copy of which is available from the Securities and Exchange Commission, upon request from us, or by going to our website: www.advanceamerica.net
