Payday Loans

Kentucky Bill Seeks to Limit Payday Loan Interest

Sep 22, 2014
Moritz Wickendorf, Wikimedia Commons

A state lawmaker from Lexington is proposing legislation to cap interest rates on so-called “payday loans” in Kentucky.

NPR

From NPR: It's come to this for Rep. Todd Akin of Missouri:

As more and more of his fellow Republicans call on him to drop out of his race for the Senate before today's 6 p.m. ET deadline to easily get his name off the ballot, the congressman's loudest defender is his Democratic opponent. 

Illinois Governor Signs Payday Lender Law

Aug 21, 2012
wikipedia.com

Illinois Gov. Pat Quinn has signed a new law he says will protect consumers from payday lenders.  Quinn signed the law Monday.  It requires lenders be licensed by the state Department of Financial and Professional Regulation or be charged with a felony. Right now the agency has licensed 522 payday lenders.  The new law also protects consumers who are trapped in high-interest loans from having to pay back the debts, allowing such loans to be declared null and void.