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Fallin Vetoes High-Interest Loan Bill Pushed by National Payday Lenders

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Fallin Vetoes High-Interest Loan Bill Pushed by National Payday Lenders

Gov. Mary Fallin vetoed a bill on Friday that will have developed that loan with a 204 % yearly interest.

Inside her veto message, Fallin published that the bill, which reflects a nationwide push from the payday financing industry for comparable legislation, would produce a high-interest item without limiting use of other pay day loan items.

“In reality, i really believe that a few of the loans developed by this bill could be MORE COSTLY than the present loan choices,” she penned. (more…)