Fallin Vetoes High-Interest Loan Bill Pushed by National Payday Lenders

Fallin Vetoes High-Interest Loan Bill Pushed by National Payday Lenders

Gov. Mary Fallin vetoed a bill on Friday that will have produced financing having a 204 per cent interest rate that is annual.

In her own veto message, Fallin had written that the bill, which reflects a nationwide push from the payday financing industry for comparable legislation, would produce a high-interest item without limiting usage of other cash advance products.

“In reality, I think that a few of the loans produced by this bill could be HIGHER PRICED than the present loan choices,” she had written.

Oklahoma’s legislation had among the greatest prospective interest that is annual among 10 comparable payday lending bills in 2010 in seven states, an Oklahoma Watch review discovered.

Home Bill 1913 will have created “small” loans by having a month-to-month interest of 17 per cent, which means 204 per cent yearly interest. (suite…)

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