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Bill Limiting 'Payday Loan' Rates Pre-Filed in Kentucky General …

State Sen. Reggie Thomas (D-Lexington) has pre-filed a bill for the 2015 Kentucky General Assembly that would limit the amount of interest charged by payday lenders and gradually lower borrowers’ rates based on the size of the loan.

If passed, it would be the first successful regulation of payday loan interest rates in Kentucky. Currently, payday lenders can charge up to 391 percent annual interest on the loans’ original amount.

In a 2012 report, the Pew Charitable Trusts identified Kentucky as one of 27 states that does not cap how much annual interest payday lenders can charge.

Link:
Bill Limiting 'Payday Loan' Rates Pre-Filed in Kentucky General …

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