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Payday loan regulations win final approval
April 20, 2006 - Salem, Oregon
A bill to limit interest on payday loans to 36 percent a year and enact other consumer protections for borrowers of the loans won final approval Thursday in the Oregon Legislature. The bill, which now goes to Gov. Ted Kulongoski, won final approval after backers said the Legislature needs to protect consumers who often end up hopelessly in debt to lenders who at times charge more than 500 percent interest. Opponents of the bill said payday loans sometimes are the only source of small, short-term cash advances for people who run into financial emergencies and that the bill will run many payday lenders out of business.
News Source
The Oregonian, AP Reporting
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- Keep lid on payday loans [May 20, 2006]
- Industry to fight payday loan limits [April 22, 2006]
- Motivations questioned in payday-loan vote [April 21, 2006]
- Payday loan regulations win final approval [April 20, 2006]
- Payday loan reform heats up [April 19, 2006]
- Group asks for strong payday loan law or nothing at all [April 13, 2006]
- Payday loans under fire for high interest charges [April 12, 2006]
- Loans that come easy can go bad fast [March 24, 2006]
- Reformers take aim at payday loan rates [February 28, 2006]
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- Witnesses call for lending limits [January 12, 2006]
- Oregon payday loan shops under fire from officials [December 13, 2005]
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