Senate Passes Bill to Change Payday Lending Rules

Senators voted 38-11 Wednesday to approve Senate Bill 2409, which would change rules for payday and title loan lenders. The measure moves to the House for more work.

The federal Consumer Financial Protection Board is expected to announce new rules that would bar payday lenders and title lenders from continuing to operate as they currently do.

Supporters say the bill lowers interest rates compared to those used now by payday lenders and title lenders.

WTOK
3/2/16