Friday, March 26, 2010

Payday lending bill gets OK from Senate Finance

The Senate Finance Committee yesterday approved HB 79 with no amendments. This is great news for Maryland's most vulnerable consumers because the bill closes the loophole that has been allowing predatory lenders to charge interest rates of up to 700% instead of abiding by the state's cap of 33%.

MCRC has been working hard on this issue and hopes the House Economic Matters Committee will follow suit with SB 678. To read MCRC's testimony on payday lending, go here.


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