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…)