WA House passes bill to regulate payday lending
OLYMPIA, Wash. - Washington House lawmakers are putting payday lenders on notice with a bill that would impose increased limitations on the industry's small loan practices.
The House voted 84-10 early Tuesday to pass a bill that would require lenders to offer extended payment plans to borrowers who get in over their heads. The measure also blocks borrowers from receiving loans totaling more than 30 percent of their monthly income. The bill now goes to the Senate.
Initially the bill had provisions limiting the amount of interest borrowers would have to pay. But those provisions were removed.
Proponents of the measure say borrowers get trapped in a cycle of debt, forcing them to continually rely on payday loans.
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