Bills Limiting Payday Loans Dead in Legislature

May 6, 2013
WSFA-12 (AL)  
payday lending news

Some lawmakers in the Alabama Legislature sought to implement new restrictions on payday and auto title loans, but those efforts have failed for the 2013 session. Rod Scott and Patricia Todd, both Democratic representatives from Birmingham, sponsored bills that would have lowered the annual interest rates on these types of loans to 36 percent. The proposals stalled in a House committee, with industry leaders complaining that the new restrictions would drive them out of business. Senate President Pro Tem Del Marsh of Anniston offered a bill to lower interest rates by a lesser extent, but that measure also generated industry opposition. Marsh said there is not enough support or time left in the session to pass it.
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