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.
Most Popular StoriesMost Popular StoriesMore>>
A Florida mother blames the death of her 15-year-old daughter on what she calls confusing packaging for Reese's Chips Ahoy cookies. Kelli Travers-Stafford says her daughter Alexi mistakenly ate one of the cookies at a friend's house despite her peanut allergy, because the top of the familiar red packaging was peeled back, hiding the Reese's label.>>
SPOKANE VALLEY, Wash. - The Washington State Patrol is investigating a Spokane Valley massage parlor for sex trafficking and prostitution. According to court documents, several men contacted authorities about the parlor, Space Oil Massage, and told them that the women who worked there asked them in private to call 911 because they were being forced to perform sex acts against their will.>>