Advocates for pay day loan reform utilized the report at a property Commerce Committee hearing to right straight back Rep. Ted James’ proposal to cap payday advances’ yearly rate of interest at 36 %.
They argued the report shows exactly just exactly how lenders that are payday that provide short-term loans with high rates of interest, trap individuals directly into debt.
“this might be a long vicious period of debt,” said James, D-Baton Rouge.
But that did not sway the committee, which voted 10-8 against James’ proposition.
Opponents associated with measure stated it could shut down the storefront financing industry in Louisiana. Lees meer