{"id":164606,"date":"2021-02-16T09:46:31","date_gmt":"2021-02-16T17:46:31","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=164606"},"modified":"2021-02-16T12:39:31","modified_gmt":"2021-02-16T20:39:31","slug":"tennessee-lawmaker-fighting-sports-book-that-offers-payday-loans","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/tennessee-lawmaker-fighting-sports-book-that-offers-payday-loans\/","title":{"rendered":"Tennessee Lawmaker Wants to Clamp Down on Sports Book that Offers Payday Loans"},"content":{"rendered":"

Tennessee State Rep. Darren Jernigan (D-60th) is making a stand against payday loans and sports betting, which he believes should not be served up on the same menu.<\/p>\n

\"Action
Mike and Tina Hodges, seen here, are the husband-and-wife team responsible for Action 24\/7 and Advance Financial 24\/7. (Image: Type Investigations)<\/figcaption><\/figure>\n

According to Jernigan, this is exactly what has been happening in the state\u2019s brand-new sports betting market<\/a> since the January licensing of Action 24\/7.<\/p>\n

The online sports book is part of the same group as local payday lender Advance Financial 24\/7. This means gamblers can now fund their Action 24\/7 accounts in the same physical space that they can apply for a 279% annual percentage rate (APR) loan. What could possibly go wrong?<\/p>\n

Living Dangerously<\/strong><\/h2>\n

Both brands are part of the Advance Financial Money Transmission Company. The company is owned by husband-and-wife business team Tina and Mike Hodges.<\/p>\n

Significant donors to the Donald Trump reelection campaign, the Hodges describe themselves on their website as being \u201cfascinated by thinking and living dangerously.\u201d They are also devotees of an obscure branch of philosophy called \u201corientation,\u201d and are founders of the Hodges Foundation for Philosophical Orientation.<\/p>\n

But Jernigan believes orienting sports betting right next to predatory lending is a lousy philosophy.<\/p>\n

Really, it is the literal definition of loan sharking,\u201d<\/strong> Jernigan told Legal Sports Report.<\/em> \u201cI take a 279% interest loan and then gamble with it. The only difference is you don\u2019t get your legs broken the next day. You go into a cycle of debt that ends up in bankruptcy.\u201d<\/strong><\/p><\/blockquote>\n

He\u2019s also worried that customers might be encouraged to place a bet in a bid to \u201cknock their loan off.\u201d<\/p>\n

Pause for Thought<\/strong><\/h2>\n

As Sports Handle<\/em> recently discovered, it is illegal in Tennessee for licensed payday lenders to sell lottery tickets, and it\u2019s unclear why sports betting should be any different.<\/p>\n

But the Tennessee Education Lottery Corporation\u2019s (TELC) sports wagering committee found no impediment to Action 24\/7\u2019s licensing when it met in January, although its application was not approved without hesitation.<\/p>\n

\u201cIt feels a little bit awkward that somebody could so easily use borrowed money to put money into a sports wagering account,\u201d said board and committee member\u00a0Will Carver during the meeting. \u201cBecause of where it\u2019s located, it gets some pause.\u201d<\/p>\n

Now, Jernigan wants the rules<\/a> rewritten. He has introduced a bill to the Tennessee legislature that would make it illegal for lenders to offer loans and to cash checks for people using the outlet for betting purposes.<\/strong><\/p>\n

Speaking to LSR<\/em>, Jernigan also accused Action 24\/7 of withholding customer sports betting winnings to pay off debts. A spokesperson for the company denied this was the case.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tennessee State Rep. Darren Jernigan (D-60th) is making a stand against payday loans and sports betting, which he believes should not be served up on the same menu. According to Jernigan, this is exactly what has been happening in the state\u2019s brand-new sports betting market since the January licensing of Action 24\/7. The online sports […]<\/p>\n","protected":false},"author":36,"featured_media":164607,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21,1074],"tags":[],"acf":[],"yoast_head":"\nTennessee Lawmaker Fighting Sports Book That Offers Payday Loans<\/title>\n<meta name=\"description\" content=\"Action 24\/7 is part of the Advance Financial Money Transmission Company, which also owns payday loans company Advance Financial 24\/7.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/tennessee-lawmaker-fighting-sports-book-that-offers-payday-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tennessee Lawmaker Fighting Sports Book That Offers Payday Loans\" \/>\n<meta property=\"og:description\" content=\"Action 24\/7 is part of the Advance Financial Money Transmission Company, which also owns payday loans company Advance Financial 24\/7.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/tennessee-lawmaker-fighting-sports-book-that-offers-payday-loans\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-16T17:46:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-02-16T20:39:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/02\/hidges.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1153\" \/>\n\t<meta property=\"og:image:height\" content=\"847\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Philip Conneller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgphilc\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Philip Conneller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/tennessee-lawmaker-fighting-sports-book-that-offers-payday-loans\/\",\"url\":\"https:\/\/www.casino.org\/news\/tennessee-lawmaker-fighting-sports-book-that-offers-payday-loans\/\",\"name\":\"Tennessee Lawmaker Fighting Sports Book That Offers Payday Loans\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/tennessee-lawmaker-fighting-sports-book-that-offers-payday-loans\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/tennessee-lawmaker-fighting-sports-book-that-offers-payday-loans\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/02\/hidges.jpg\",\"datePublished\":\"2021-02-16T17:46:31+00:00\",\"dateModified\":\"2021-02-16T20:39:31+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"Action 24\/7 is part of the Advance Financial Money Transmission Company, which also owns payday loans company Advance Financial 24\/7.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/tennessee-lawmaker-fighting-sports-book-that-offers-payday-loans\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/tennessee-lawmaker-fighting-sports-book-that-offers-payday-loans\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/tennessee-lawmaker-fighting-sports-book-that-offers-payday-loans\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/02\/hidges.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/02\/hidges.jpg\",\"width\":1153,\"height\":847,\"caption\":\"Mike and Tina Hodges are the husband-and-wife team responsible for Action 24\/7 and Advance Financial 24\/7. 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