States target payday lenders and their high rates - Spokane, North Idaho News & Weather KHQ.com

States target payday lenders and their high rates

PHOENIX (AP) - Struggling borrowers and a growing backlash against payday lending practices have prompted legislatures around the country to crack down on the practice.

In the most severe case, Arizona lawmakers are on the verge of shutting down the entire industry in the state. A law took effect in Washington this year capping the amount of payday loans and the number that a borrower can take out in a year.

And in Wisconsin, lawmakers are locked in a heated battle over whether to regulate the industry. Payday lenders say they are providing an important service, especially in a dreadful economy where people are short on cash.

Detractors say the industry preys on desperate people with annual interest rates that routinely exceed 400 percent.

 

(Copyright 2010 by The Associated Press. All Rights Reserved.)

 

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