House Panel Approves Payday Loan Database
House Panel Approves Payday Loan Database
A Kentucky State House Committee approved a bill on Tuesday February 25th, 2009 that would require a database be set up to track all short term high interest loans with the state. The bill helps to expand on regulations put into place last year by the state’s house that allows up to 2 loans per person at any given time, but doesn’t keep track of the loans to be able to regulate the bill. This new bill will help keep track of the loans and make sure that companies and individuals are complying with the law that was put into place last year.
Spokespersons for the payday loan industry welcome the new database and didn’t want to fight the law, but still maintains that their loans do help people and that any further regulations would certainly not be welcomed. Reps for the industry say their companies only a make a modest profit and that their loans are helping people. According to one person, they are not making money hand over fist, but still consumer advocates want to see more done to protect consumers.
A similar bill was approved last year, but was rejected by the state’s Senate because it also imposed further regulations on the industry. At this time they want to at least create the database to be able to track payday loans, and depending on what they find from the database there may be adjustments made in the future about further regulations.
The state allows people to get online payday loans and if a person needs to get a loan online there are many choices, but it’s always good to use services that are reputable and reliable. Sites like CashAdvanceReviews.com is a good way to find the top rated payday loans online. Make sure to use all loans responsibly and to read everything before signing.
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2 Comments to 'House Panel Approves Payday Loan Database'
April 14, 2010
So basically this law won’t make any good for those who would like to have more than 2 loans per person, but still there is a possibility to take 2 extra loans on your relatives.
April 14, 2010
Each state is trying to work out laws that will help protect consumers, while leaving a vital financial option available to people that need it. However, some of the laws and regulations may not be the most thought out and could have been swayed by either lobbyist or even critics.
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