Pay Day loan providers and Title Pawn loan providers line Fairview Avenue.
A bill capping rates of interest that payday loan providers may charge had been provided for a property subcommittee Wednesday, seriously weakening its likelihood of passage. But a friend bill to modify name loans may continue to have a heartbeat.
The bills, sponsored by Reps. Rod Scott, D-Fairfield, and Patricia Todd, D-Birmingham, would cap the attention charged by both payday and title loan providers at 36 per cent APR and establish a database that is central enforce current restrictions from the quantity of loans an individual may sign up for. Continue reading