By Kerry Reid
The Louisiana Senate just passed a bill on May 1 to expand the industry as state legislatures across the country debate whether or not to enact more regulations on payday lending practices.
Senate Bill 365 вЂ“ known since the Louisiana Credit Access Loan Act вЂ“ raises the limit on pay day loans into the Pelican State. Presently, Louisiana caps these loans at $350 for a maximum of 60 times. But SB365, compiled by Sen. Rick Ward III (R-Port Allen), calls for that the loans be within the array of $500-$875 for regards to three to year. The in a 20-17 vote.
Your house type of this bill вЂ“ HB501, or even the Louisiana Installment Loan Act вЂ“ ended up being introduced by Rep. Chad Brown (D-Plaquemine) in March https://paydayloansmissouri.org/ and it is presently when you look at the homely house Committee on Commerce.