TN Lawmakers File Bill To Stop You From Getting A Payday Loan And Betting In One Place | WJHL
NASHVILLE, Tennessee, (WKRN) – Imagine being able to take out a loan, then put it into a gaming account within minutes. This is what lawmakers say it can take place in Advance Financial stores and they want it to end.
Tennessee state law says that you cannot purchase lottery tickets in places that offer loans.
Rep. Darren Jernigan (D-Old Hickory) and other lawmakers are targeting Advance Financial, a Nashville-based loan service. They say allowing high-risk loans and sports betting shouldn’t happen under the same roof.
“Currently, a person would be allowed to go into a financial advance, get a loan at 279% interest, go to the next wicket and put that money into a sports betting account to start betting,” Jernigan said. .
Advance Financial and Action 247, their bookmaker, operate in the same locations. And currently, nothing prevents someone from depositing money into a gambling account.
“If you look at the lottery that we passed, especially in the lottery bill in law, it says that you cannot buy a lottery ticket in a security establishment, but in a way or on the other hand, we let it go, whether it is deliberate or not, he said.
Tennessee Lottery Corporation Sports betting committee voted 2-0 with one refraining from saying there is no law preventing this from continuing.
“The sports betting committee of the board has discussed the supplier’s request and approved it. The Lottery works with all registrants to comply with the law and established rules and regulations and to protect the integrity of sports games in Tennessee, ”said Dave Smith, director of communications for TEL.
“That’s the literal definition of a loan shark, except the next day they’re not going to break your legs, you end up in a cycle of debt that will end in bankruptcy,” Jernigan said.
The law project is bipartisan.
Those who place bets are only allowed to bet with cash in Tennessee. Other sports books offer cash deposit sites like CVS and dollar stores.
News 2 contacted Action 247 for a response and received no response.