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Payday loan regulations win final approval

April 20, 2006 - Salem, Oregon

A bill to limit interest on payday loans to 36 percent a year and enact other consumer protections for borrowers of the loans won final approval Thursday in the Oregon Legislature.

The bill, which now goes to Gov. Ted Kulongoski, won final approval after backers said the Legislature needs to protect consumers who often end up hopelessly in debt to lenders who at times charge more than 500 percent interest.

Opponents of the bill said payday loans sometimes are the only source of small, short-term cash advances for people who run into financial emergencies and that the bill will run many payday lenders out of business.

News Source

The Oregonian, AP Reporting

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