Payday lending opponents, industry clash in charged hearing over loan database

By |January 14th, 2021|

Payday lending opponents, industry clash in charged hearing over loan database Hours of impassioned testimony dominated conversation throughout a hearing for a bill that will develop a database that is statewide monitoring pay day loans, a seemingly innocuous concept came across with tough opposition and serious rhetoric through the industry and its own supporters. Lobbyists, pastors, a small league mentor and lots of workers of payday financing organizations packed hearing spaces Wednesday for the hearing on SB201 , which will produce a database to trace informative data on high-interest (significantly more than 40 per cent) short-term loans that features quantities, charges evaluated on borrowers, standard prices and all sorts of interest charged on loans. […]