Home type of payday lending bill falters in Senate

Home type of payday lending bill falters in Senate

By Abrahm Hurt TheStatehouseFile

INDIANAPOLIS — Legislation that passed the Indiana home and could have placed a number of the state’s many citizens that are economically troubled danger will not obtain a hearing within the Senate.

Home Bill 1319, which will triple the allowable apr, or APR, of unsecured consumer installment loans, passed the home 53 to 41 and was sent to the Senate Commerce and Technology Committee. Presently in Indiana, installment loans are limited by a unlawful loansharking limit of 72 percent APR.

“I think, demonstrably, the Indiana Senate is giving a note which they like to move around in the way of protecting our many hoosiers that are economically vulnerable” said Bill Chapman, lobbyist when it comes to Indiana Friends Committee.”We could never be happier about this.”

Continue reading