House Bill-209 Short term loans

Sponsor: Representative Lundy

Committee: Financial Institutions, Real Estate, & Securities

Projection: Good

Synopsis:  This bill would close loopholes that are being exploited by the payday lending industry after the 2008 voter-adopted statutory initiative to regulate and cap the interest rates on such loans.  The bill was reported from committee on May 11, and passed by the House on May 12.

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