The Governor says he supports efforts to regulate the payday loan industry, although he’s unclear if capping interest rates is the right move.
Work continues at the Capitol on legislation that would cap interest rates on payday loans at 36-percent. Doyle says he’s encouraged that the Legislature is focused on the issue and he “hopes to get a good bill on his desk.”
Still, the Governor is not saying if he’ll support the rate cap, which the industry strongly opposes. He says any bill that makes it to his desk though should focus on limiting how many times payday loans can be rolled over by borrowers. Doyle says he wants to end the cycle of people getting deeper and deeper into debt on short term loans.
The bill has been referred to the Assembly Committee on Financial Institutions.