Payday Loan Portion Risks Pa. Budget Bill

July 9, 2013
Pittsburgh Post-Gazette 
payday lending news

Controversial payday-lending language quietly slipped into the fiscal code bill is holding up the budget process in Pennsylvania. The Senate stripped the language -- which indicated that both chambers intend to vote on a payday lending bill by Oct. 31 -- from the bill before passing it, but whether the House will return from its recess to pass the updated bill remains uncertain. Pennsylvania law caps annual percentage rates at 30 percent, so short-term, high-interest payday loans currently are not allowed, and the Center for Responsible Lending says no state has legalized the loans since 2005. A payday lending bill was approved by a Senate committee in June but did not make it to the Senate floor for a full vote, and some senators say the controversial language in the fiscal code bill could put a damper on support for the issue.
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