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Earth Notes
Earth Notes
Bill to restrict payday lenders fails in Senate panel
Associated Press (2007-02-27)
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(UALR Public Radio) - A bill that would restrict payday lenders from charging triple-digit interest rates failed in a Senate committee today.

The bill was before the Senate Insurance and Commerce Committee and received only one "yes" vote, from Senator Jim Argue of Little Rock.

Sponsoring Representative David Johnson of Little Rock says he does not know whether he will bring the bill back this session.

The bill would have fined a lender $300 every time a customer was charged an interest rate higher than 17 percent.

(Copyright 2007 by The Associated Press. All Rights Reserved.) © Copyright 2012, UALR Public Radio