Payday lending bill passes house - MSNewsNow.com - Jackson, MS

Payday lending bill passes house

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JACKSON, MS (WLBT) - The Mississippi house passed the final version of a bill that supporters say could reduce consumers' out-of-pocket expenses for short-term payday loans.

However, the bill was held for more possible house debate before moving to the senate.

Under current law, check-cashing companies can charge fees equal to five hundred and seventy-two percent annual interest rate in Mississippi.

The bill proposes changing fees and giving customers the option of longer payback periods.

Opponents say it does too little to stop payday lenders from trapping consumers in debt.

 

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