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Assembly Guts Bill Limiting Payday Loan Interests

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Apr 15, 2008 11:57 pm US/Pacific

Assembly Guts Bill Limiting Payday Loan Interests

SACRAMENTO (AP) ― A state Assembly committee is gutting a bill that would have capped payday loan interest rates at 36 percent.

The loan industry tells members of the Banking and Finance Committee that it can't survive a 36 percent rate cap. The industry now charges interest rates of more than 400 percent for 14-day payday loans.

Industry representatives say the high rates are necessary because of high loan delinquency rates, labor costs and other expenses.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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