Friday, February 5, 2010

Regulators want to close loophole that allows 700% interest rates

By Nicholas Sohr
Daily Record Business Writer

ANNAPOLIS — State financial regulators pressed lawmakers on Wednesday to tighten payday lending rules to rein in the cost of short-term loans.

The bill would close what Department of Labor, Licensing and Regulation officials say is a loophole that lenders have taken advantage of to charge the equivalent of up to 700 percent annual interest on small, week-to-week loans. -- full story


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