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LAUNCH Interest on ‘Payday Loans’ Would be Slashed In HB 1404 Filed by Rep. Mickey Dollens

LAUNCH Interest on ‘Payday Loans’ Would be Slashed In HB 1404 Filed by Rep. Mickey Dollens

Residence / Legislative Press Releases / Oklahoma Dems / Press Releases / LAUNCH: Interest on ‘Payday Loans’ Would be Slashed In HB 1404 Filed by Rep. Mickey Dollens

Interest on ‘Payday Loans’ Would be Slashed In HB 1404 Filed by Rep. Mickey Dollens

OKLAHOMA CITY (7 February 2017) – “Predatory” lenders imposing “unfair and abusive” loan terms on “people whom feel as if they usually have nowhere to turn” led to a bill by way of a first-term legislator to slash the attention price on alleged “payday loans”.

A loan provider “shall not charge a apr higher than 60%” for almost any loan issued “pursuant to the Deferred Deposit Lending Act,” decrees home Bill 1404 by state Rep. Mickey Dollens. Presently the roof on a quick payday loan is 390%, the Oklahoma City Democrat that is south said.

“Again and once again, while I happened to be knocking doorways in the campaign trail” this past year, “I would read about the necessity for better regulation on pay day loans,” Dollens stated. Reducing the APR “would help alleviate problems with borrowers that are vulnerable drowning in a period of financial obligation,” he said.

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