The Louisiana Senate just passed a bill on May 1 to expand the industry as state legislatures across the country debate whether or not to enact more regulations on payday lending practices.
Senate Bill 365 вЂ“ known whilst the Louisiana Credit Access Loan Act вЂ“ raises the limit on payday advances into the Pelican State. Presently, Louisiana caps these loans at $350 for a maximum of 60 times. But SB365, published by Sen. Rick Ward III (R-Port Allen), requires that the loans be into the variety of $500-$875 for regards to three to one year. The in a 20-17 vote.
Your house type of this bill вЂ“ HB501, or even the Louisiana Installment Loan Act вЂ“ had been introduced by Rep. Chad Brown (D-Plaquemine) in March and it is presently when you look at the home Committee on Commerce. (más…)