(Columbia-AP) January 18, 2007 - A new House
bill would cap interest rates for payday lenders
at a 36 percent annual rate.
The bill filed Wednesday by Representative
Alan Clemmons comes as some of the 37 states
around the nation that allow people to borrow
against future paychecks look at ways to control
fees or ban the industry.
Those are steps North Carolina and Georgia
have already taken.
Along with the 36 percent annual percentage
rate cap, the legislation would limit loan fees
to no more than $5 for each $100 borrowed.
That's down from the $15 now routinely
charged.
Posted 5:24pm by Chantelle
Janelle
