Wednesday, March 17, 2010

Payday lending legislation moves forward, again

More good news for consumers: Senate Bill 678 was voted out of the Finance Committee last night. The bill closes a loophole that allows payday lenders in Maryland to charge interest rates of up to 700%. The companion legislation, House Bill 79, was voted out of the Economic Matters Committee on Friday.

Senators voting in favor of SB 678 are:
George W. Della, Jr.
Nathaniel Exum
Robert J. Garagiola
Barry Glassman
Delores G. Kelley
Allan H. Kittleman
Katherine A. Klausmeier
Thomas M. Middleton
Catherine E. Pugh

Voting against:
Sen. John C. Astle

Not voting:
Sen. E. J. Pipkin

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