Efforts to Curb Payday Lending at the Statehouse Once Again

February 4, 2014
Rhode Island Public Radio 
payday lending news
Lawmakers in Rhode Island are again trying to clamp down on the state's payday lending industry, after several previous failed attempts. Rep. Frank Ferri and Sen. Juan Pichardo have confirmed that they will propose legislation to restrict payday loan interest to no more than 36 percent.

The controversial loans currently bear rates that can top 250 percent in Rhode Island which, along with Maine represent the only New England states that still allow payday organizations to do business out of storefront operations.

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