For three years, Louisville Representative Darryl Owens has been trying to convince his colleagues to place a 36 percent annual cap on payday loans. But his bill never went anywhere. It never even got a committee hearing, until now.
Tag Archives: payday lending
Bill Capping Payday Loan Interest Fails To Pass
For three years now, Louisville Representative Darryl Owens has been trying to cap the APR on payday loans in Kentucky at 36%. But his bill never went anywhere. It didn’t even get a committee hearing, until now. But after hearing payday lenders argue they provide a valuable service to Kentuckians with nowhere else to turn for small, short-term loans, the House Banking and Insurance Committee voted 13-10 against the bill.
Owens Continues Attempts To Cap Payday Loan Interest At 36 Percent
A Louisville lawmaker is again trying to put a 36 percent annual cap on payday loans in Kentucky. The bill, sponsored by Representative Darryl Owens, went nowhere in two previous legislative sessions. Owens expects to at least get a House committee hearing this year.
Consumer Advisory Council Holds Forum On Payday Lending
The Kentucky Consumer Advisory Council held the first of three public forums on payday lending Wednesday in Louisville. The forums come after repeated calls for more regulation on the payday loan industry.
New Payday Lending Regulation Begins In 2010
Regulators in Kentucky will have new power to pursue unscrupulous payday lenders starting Friday, as parts of a law passed in March take effect.