The newly-formed federal Consumer Financial Protection Bureau has the power to regulate payday loans. But a Kentucky lawmaker who has repeatedly attempted to cap payday loans says the feud in Congress over the bureau doesn’t make him confident that any progress will be made. State Senator Gerald Neal, D-33, has spent years trying to cap […]
Tag Archives: payday loans
In Depth: Lawmakers Again Reject Payday Loan Interest Cap
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.
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.
Payday Loan Database Up and Running
from Kentucky Public Radio’s Tony McVeigh An online, real-time, database to track payday loans in Kentucky is now operational, two months ahead of schedule. Legislation capping annual interest rates on payday loans at 36-percent failed to emerge from the 2010 session. The industry argued it was punitive, since a database to track payday loans hadn’t […]
CLOUT Seeks To Limit Payday Loan Interest Rates
A local organization is seeking to limit interest rates for payday lenders.