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

Tuesday, August 18th, 2020

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

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Tale updated May 5, 2017.

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

Inside her veto message, Fallin composed that the balance, which reflects a nationwide push from the payday financing industry for comparable legislation, would develop a high-interest item without limiting usage of other cash advance items.

“In reality, in my opinion that a few of the loans produced by this bill could be MORE COSTLY than the present loan choices, ” she had written. (more…)