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… Continue reading Payday Loan Opponent Says Prospect of Federal Regulation Won’t Deter Local Efforts
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.
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.
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.
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… Continue reading Payday Loan Database Up and Running
A local organization is seeking to limit interest rates for payday lenders.