The Kentucky capitol building.

Payday loan reprieve: Kentucky House Bill 182 fails to pass

Kentucky lawmakers who stood behind House Bill 182 are now wallowing in the agony of defeat, reports the Louisville Courier-Journal. The proposed legislation that would have cut the APR payday lenders may charge to 36 percent was voted down 13-10 in the Kentucky House Banking and Insurance Committee. Military loans remain capped at 36 percent
Shot of the Rhode Island capitol building, taken from a distance, down a tree-lined walkway.

Rhode Island payday loan bill seeks strict interest rate cap

Just as He-Man had his infamous “By the power of Grayskull!” battle cry,  opponents of payday loans continue to cry for cartoon-like 36 percent APR interest – cartoonish because 36 percent has been proven numerous times to be well outside the bounds of practicable business reality. Yet legislators in Rhode Island, led by sponsor Rep.
Mississippi Capitol

Mississippi Congress stalls on payday loan legislation

The Mississippi state legislature has stalled a bill that would further regulate payday loan lending in the state. States have increasingly passed legislation regarding payday lenders, usually to reduce interest rates. The new regulatory bill is stalling as legislators cannot agree on terms. Payday loan regulation bill stalls in Mississippi legislature The state legislature of
Mark Sanford, current governor of South Carolina.

South Carolina House overturns veto of payday loan bill

On June 7, South Carolina Governor Mark Sanford issued a veto of H.3790, a payday loan bill that would have extended the payment term of the standard loans to an untenable 120 days or more while still requiring the same fees. Furthermore, H.3790 would have eliminated unsecured loans in South Carolina and outlawed the common
Fountain Pen nib

Wisconsin passes payday lending regulations

After deliberations of some time, Wisconsin Governor Jim Doyle signed the bill that put further regulations on payday lending in Wisconsin.  There are a bevy of new rules regarding Wisconsin payday lenders, but most significant is the outlawing of title loans in the state.  The bill also contained regulatory statutes for other industries, including dairy
E. 38th St and Mass Ave.: Former Roselyn Bakery at the corner of E. 38th St. and Massachusetts Ave. in Indianapolis.

Iowa Catholic Conference pursues payday lending limits

Bloomberg reports that payday lending is under fire in Iowa, a state where lending laws are already among the tightest in the nation. Payday loan rollovers are forbidden and fee limits are less than permissive, but consumer advocates that include members of the Iowa Catholic Conference and National Association of Social Workers are lobbying the
Payday loans

Texas lawmakers propose SB 253 and HB 410 to limit payday loans

In Texas, there are more than 3,500 payday lenders. Two new pieces of legislation — Texas SB 253 and Texas HB 410 — have been introduced as a way to limit this short-term lending. Both of these bills seek to redefine “Credit Service Organization” to exclude payday loan stores. The Credit Service Organization exemption Texas
Title Lender

Wisconsin Republicans attempting to re-legalize auto title loans

Last year, Wisconsin became the final state in the union to regulate payday and title lending. The original bill would have prohibited banning car title lending, but the governor vetoed that item to entirely ban title lending. Now, a joint committee is taking action to end the ban on title lending, which would de-regulate the
The State of Mississippi as depicted on a U.S. Department of the Interior map.

Mississippi votes for two and a half more years of payday loans

Payday lending in Mississippi has been extended for two and a half years thanks to House Bill 455, reports The Clarion-Ledger. In a compromise with opponents, the new law  lowers the maximum allowable APR to 572 percent, but that still doesn’t sit well with religious and consumer advocates who railed against the bill. Payday lending
Check cashing

Texas statehouse hearing testimony on payday lending regulations

The Texas legislature is currently hearing testimony on proposed legislation that would affect credit services. The payday loan bill would reclassify payday lenders, title lenders and check-cashing services. Legislators have said they are looking to negotiate the details. Texas payday lending regulations Under current Texas law, payday lenders, check-cashing services and title lenders operate as
A rolled-up dollar bill sitting upright on a table.

Missouri House Bill 132 stifles free market competition

In her campaign speeches, Missouri Rep. Mary Still claims that she supports a free market economy. However, as Payday Pundit points out, Rep. Still’s stance on Missouri House Bill 132 – yet another state piece of legislation that would place an industry-killing cap on payday loans – is inconsistent with free market competition. Rep. Still
Texas statehouse

Texas legislature passing new payday lending regulation

In the Texas legislature, three new bills intended to limit payday lending are under consideration. One, House Bill 2592, has passed easily. Another is expected to come up for vote today and pass, and a third may or may not make it to the House floor. Agreed upon legislation Two of the three pieces of
Grand Canyon

The Arizona ban and the financial reform bill

The state of Arizona recently allowed the licenses of payday lenders for the entire state to lapse. Payday loan stores are in the process of closing their doors all over the state and are moving on to different pastures. Currently, the financial reform bill is awaiting the president’s signature. Part of the bill will create

New Colorado payday lending laws to go into effect

In the state of Colorado, new laws intended to limit short term cash loans are set to go into effect. In August of this year, Colorado payday loan direct lenders will have the interest rates and repayment terms of their products capped. The bill is stronger than some in the industry had hoped for and
A T-shirt parody of the "Enjoy Coke" logo. This shirt reads "Enjoy Capitalism." Part of capitalism is a free market economy that would not restrict the payday loan with unnecessary (or even harmful) rate caps.

UK Office of Fair Trading says no to payday loan rate cap

Payday loan rate cap laws have circulated in various forms through the halls of state-level politics in the U.S. for years. However, not all countries that allow payday lending to serve consumers in need of easy loans are so eager to institute a rate cap that could stifle the natural price controls present within a

Montana I-164 | Payday lending on the ballot

The debate about payday lending and allowable interest rates has reached Montana. Initiative 164, a citizen’s initiative, will be on the ballots that start going out today. If the ballot measure passes, many short-term lenders say it will put them out of business. How lending in Montana is currently regulated The way payday lending and
Ogden Utah

Ogden, Utah, caps number of payday lenders

A ordinance passed by the city council of Ogden, Utah, on Tuesday puts a restriction on the number of payday lenders, title lenders and check-cashing companies allowed in the city. This new ordinance is not as stringent as the Ogden Planning Commission recommended. Current payday lenders in Ogden will not be affected. Ogden, Utah, payday