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Indiana Senate should put brakes on payday loan bill

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Payday lenders across the state may have found a new way to skirt annual interest rate restrictions in a bill winding its way through the Indiana General Assembly.

House Bill 1319, which passed the House last week by a 53-41 vote, would allow payday lenders to charge fees triple what Indiana law currently defines as criminal loan-sharking.

The bill would allow storefront lenders the ability to offer short-term loans – typically about two weeks – of $605 to $1,500 with annual percentage rates up to 222 percent.


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Perry County News | circulation@perrycountynews.com | 812-547-3424
P.O. Box 309, 537 Main Street, Tell City, IN 47586
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