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Paying Off Payday Loans
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Let me make it clear about Louisiana Senate moves to loosen lending that is payday

By Kerry Reid

The Louisiana Senate just passed a bill on May 1 to expand the industry as state legislatures across the country debate whether or not to enact more regulations on payday lending practices.

Senate Bill 365 – known since the Louisiana Credit Access Loan Act – raises the limit on pay day loans into the Pelican State. Presently, Louisiana caps these loans at $350 for a maximum of 60 times. But SB365, compiled by Sen. Rick Ward III (R-Port Allen), calls for that the loans be into the selection of $500-$875 for regards to three to year. The in a 20-17 vote.

Your house form of this bill – HB501, or even the Louisiana Installment Loan Act – had been introduced by Rep. Chad Brown (D-Plaquemine) in March and it is presently when you look at the homely house Committee on Commerce. The proposed home legislation establishes a selection of $500-$1,500 for installment loans and a phrase of six to one year.

In a might 4 article when it comes to better Baton Rouge company Report, Caitie Burkes notes that Ward’s bill additionally raises the percentage that is annual (APR) on these loans. Underneath the present Louisiana customer Credit Law, the APR is capped at 85 %.


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