Alabama senate committee votes down payday loan restrictions

Top Stories

MONTGOMERY, Ala. (AP) – An Alabama Senate committee has voted down a proposal to give payday lending customers longer to repay their loans.

Lawmakers voted 6-8 against the bill that would give borrowers 30 days to repay a loan instead of as little as 10 days.

Senators who opposed it said they believed people would turn to internet lenders if the payday lending stores weren’t available in the state.

The committee vote was a blow to groups that have been seeking more restrictions on the industry.

Republican Sen. Tom Butler said the loans become debt traps for families.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Recent Updates

More 7 Day Forecast

Remarkable Women

More Remarkable Women

Trending Stories

Don't Miss

Trending Stories