Indiana lawmaker files bill to cap payday loan interest rates at 36 percent
7 years ago
2
Changes could be coming to the payday lending industry in Indiana. State Sen. Greg Walker (R-Columbus) filed on Tuesday the first of its kind legislation that would cap small loan finance charges at 36 percent. Currently, the cap for payday loans in Indiana is 391 percent, according to Walker. Currently, 15 states, the District of Colombia and the military already cap payday loans at 36 percent or less.
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