Let me tell you about Payday cap bill may be dead for session
Let me tell you about Payday cap bill may be dead for session
Pay Day financial institutions and Title Pawn financial institutions line Fairview Avenue. (Montgomery Advertiser, Amanda Sowards) (Image: AMANDA SOWARDS/ADVERTISER, Amanda Sowards/Advertiser) Buy Image
A bill capping interest rates that pay day loan providers may charge have been given to a house subcommittee Wednesday, really weakening its odds of passage. But a buddy bill to handle name loans may have heartbeat nevertheless.
The bills, sponsored by Reps. Rod Scott, D-Fairfield, and Patricia Todd, D-Birmingham, would cap the eye charged by both payday and title creditors at 36 percent APR and establish a database that is main enforce current restrictions through the amount of loans a person may eliminate. The title loan bill would further cap APR at 24 percent on loans of $2,000 and 18 percent APR on loans of $3,000. Read More