Senator pulls installment loan bill | Arkansas Blog

Tuesday, March 15, 2011

Senator pulls installment loan bill

Posted By on Tue, Mar 15, 2011 at 12:50 PM

Sen. Michael Lamoureux has pulled his bill to allow the legislature to set the interest limit for small loans — and thus open the door to the loan sharking installment loan industry. I presume this means the death, too, of similar House legislation. I'm checking to be sure.

In that consumer lenders just got an increase in the interest limit to 17 percent in November, it was a bit unseemly to rush immediately for a way to increase that limit. The loan shark industry also hopes to get legislative approval for a variety of fees (another name for interest) that make the real cost of these loans little different than that for the payday loans run out of Arkansas.

UPDATE: Robbie Wills, who's been lobbying for the loan legislation, confirms the effort is dead this session.

Yes sir. We will have an interim study on the availability of credit to the unbanked and whether the Legislature should have the ability to legislate in this area of public policy, as is the case in 49 other states.

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