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

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

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

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 product without limiting use of other payday loan services and products.

“In reality, I think that a few of the loans produced by this bill will be HIGHER PRICED than the loan that is current,” she published. Continue reading “Fallin Vetoes High-Interest Loan Bill Pushed by National Payday Lenders”