Bill filed to increase fines and fees of short-term loans like payday loans

A bill has been introduced to increase fines and fees for short-term loans and establish a brand new option for borrowers. Borrowers are required to sign a contract before getting the loan. In that contract – the company outlines the details for repayment. A recently filed bill would remove the limit on interest, allowing lenders to charge 36 percent of the unpaid balance, no matter the dollar amount.