Restrictions on Payday Lenders in Kentucky, South Carolina
Kentucky bars new businesses
Kentucky lawmakers signed new regulations on payday lenders into law today. Now they are just waiting for the governor’s signature on the legislation.
One provision in the bill places a 10-year moratorium on new payday lenders moving into the area.
Statewide database
The new laws also require a database that [...]
Lawmakers, Church Groups Seek to Regulate Payday Loans
British Columbia pushes for reform
It seems the United States isn’t the only country whose lawmakers are pushing for payday loan legislation. Regulators is British Columbia, Canada, are also seeking to put a cap on interest rates on payday loans.
Lower interest caps
The regulations sought in British Columbia are even more stringent [...]
Payday Loans Measure Introduced in Utah
Bill calls for interest rate cap
Following the introduction of a bill involving payday loans in Utah, an editorial in the Deseret News discusses the topic. The bill seeks to put a 100 percent annual interest rate cap on payday loans. Here are some snippets from the commentary piece.
Not big fans
The [...]
Soon Online Payday Loans May be Only Option in Virginia
Payday Lenders in Virginia face regulations
We may see an uptick in the number of online payday loans borrowed in Virginia if the legislature runs payday lenders out of the state.
It looks like Virginia might be heading in the same direction as New Hampshire, where Advance America has announced it will [...]
Payday Advance Loan Store Closing Shop in New Hampshire
Advance America shutting down
Borrowers in New Hampshire will have one fewer source for payday advance loans after Advance America closes all 24 locations in the state. Last year the New Hampshire legislature passed a law that capped interest rates on payday loans at 36 percent, and that has now led [...]
Montana Legislation Targets Payday Advance Loans
Payday loan reform a hot topic
Montana is joining the ranks of states looking to impose an interest rate cap on payday advance loans. The state’s House Business and Labor Committee held a hearing today on a bill that would put a limit of 36 percent on payday loans.
Several states, including [...]
Payday Loans Lenders Bite the Bullet in New Hampshire
The Battle Has Ended Sadly for Payday Loans Lenders in New Hampshire.
New Hampshire’s Banking Commissioner has denied the request of payday loans lenders to charge 365% on open-ended lines of credit.
The South Carolina lender Advance America Cash Advance was fighting the the law that passed 8 day ago in New [...]
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