Wednesday, December 16, 2009
Beshear Calls For Cap On Payday Lenders
KENTUCKY....
Kentucky now has 743 payday lenders, and, earlier this year, the General Assembly approved a moratorium to prevent new payday lenders from opening in the state. Tuesday, Governor Steve Beshear called on lawmakers to put a cap on the amount of interest payday lenders can charge customers, while calling for a limit of 36% instead of the interest charges that now exceed 400% annually in some instances. The Community Financial Services Association of America says a cap will drive lenders out of business.
Kentucky now has 743 payday lenders, and, earlier this year, the General Assembly approved a moratorium to prevent new payday lenders from opening in the state. Tuesday, Governor Steve Beshear called on lawmakers to put a cap on the amount of interest payday lenders can charge customers, while calling for a limit of 36% instead of the interest charges that now exceed 400% annually in some instances. The Community Financial Services Association of America says a cap will drive lenders out of business.
# posted by Homer Owens @ 8:01 AM 
