BATON ROUGE, La. (AP) —Under a bill that received the backing of a Senate judiciary committee, a person would be limited to 10 short-term loans a year from payday lenders.

Senators reworked the proposal before supporting it Tuesday.

As it was introduced, the measure by Sen. Ben Nevers sought to cap the fees that can be charged by the storefront lenders at an interest rate of 36 percent annually.

Nevers said he wanted to stop the debt cycle that he said was caused by payday loans that carry short terms and high interest rates.

But Sen. Danny Martiny said Nevers’ original bill went too far and would shut down the payday lending industry in Louisiana. Martiny proposed the change to a cap of 10 loans annually.

The bill moves next to the full Senate.

Read IND Managing Editor Walter Pierce’s recent payday loan column here.

To post a comment, please log into your IND account. If you do not have an account, click the "register" button to create one. Facebook comments can be used as an alternative to creating an account at theIND.com.

feed-image RSS Feed
Loading
Chart
ABiz Stock Watch
o Home Bancorp 23.11 ▲0.41 (1.81%)
o Frank's International 20.34 ▼0.26 (-1.26%)
o IberiaBank Corp 67.24 ▲1.26 (1.91%)
o LHC Group 23.75 ▲0.01 (0.04%)
o MidSouth Bancorp 18.80 ▲0.37 (2.01%)
o Petroquest Energy 4.17 ▼0.21 (-4.79%)
o PHI Inc. 41.27 ▼1.23 (-2.89%)
o Superior Energy 25.10 ▼0.56 (-2.18%)
o Stone Energy 22.55 ▼0.75 (-3.22%)
o Facebook Inc. 74.01 ▲0.26 (0.35%)
o Twitter Inc. 40.19 ▲0.16 (0.40%)
o Gannett 32.28 ▲0.83 (2.64%)
NYSE:HBCP

Home Bancorp

Company ID [NYSE:HBCP] Last trade:23.11 Trade time:4:00PM EST Value change:▲0.41 (1.81%)
NYSE:FI

Frank's International

Company ID [NYSE:FI] Last trade:20.34 Trade time:4:02PM EST Value change:▼0.26 (-1.26%)
NYSE:IBKC

IberiaBank Corp

Company ID [NYSE:IBKC] Last trade:67.24 Trade time:4:00PM EST Value change:▲1.26 (1.91%)
NYSE:LHCG

LHC Group

Company ID [NYSE:LHCG] Last trade:23.75 Trade time:4:00PM EST Value change:▲0.01 (0.04%)
NYSE:MSL

MidSouth Bancorp

Company ID [NYSE:MSL] Last trade:18.80 Trade time:4:02PM EST Value change:▲0.37 (2.01%)
NYSE:PQ

Petroquest Energy

Company ID [NYSE:PQ] Last trade:4.17 Trade time:4:01PM EST Value change:▼0.21 (-4.79%)
NYSE:PHII

PHI Inc.

Company ID [NYSE:PHII] Last trade:41.27 Trade time:2:42PM EST Value change:▼1.23 (-2.89%)
NYSE:SPN

Superior Energy

Company ID [NYSE:SPN] Last trade:25.10 Trade time:4:04PM EST Value change:▼0.56 (-2.18%)
NYSE:SGY

Stone Energy

Company ID [NYSE:SGY] Last trade:22.55 Trade time:4:02PM EST Value change:▼0.75 (-3.22%)
NYSE:FB

Facebook Inc.

Company ID [NYSE:FB] Last trade:74.01 Trade time:4:00PM EST Value change:▲0.26 (0.35%)
NYSE:TWTR

Twitter Inc.

Company ID [NYSE:TWTR] Last trade:40.19 Trade time:4:00PM EST Value change:▲0.16 (0.40%)
NYSE:GCI

Gannett

Company ID [NYSE:GCI] Last trade:32.28 Trade time:4:02PM EST Value change:▲0.83 (2.64%)
Advertisement

Economic Indicators

  • Real Estate Data
    Real Estate
     
    Rentals
     
    Commercial
     
     
  • Energy Data
    Oil
     
    Gas
     
     
  • Taxable Sales
    Register
     
  • Unemployment Rate
    Employment
     
 

Read the Flipping Paper!

Click Here for the Entire Print Version of
ABiz
 
Advertisement
Advertisement