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Released: April 18, 2013
Bill would limit payday loans to borrowers
Source: Alejandro Lazo, L.A.Times (Free Registration)
A bill before the California Legislature would restrict the number of payday loans to any one borrower — an attempt to break the "debt cycle" that ensnares some of the state's poorest residents.
Senate Bill 515 would bar the high-cost, short-term lenders from making more than six loans a year to any borrower. The bill, set to go before the Senate Banking and Financial Services Committee on Wednesday, also extends the minimum term of a payday loan to 30 days from 15.
Read Full Article: Bill would limit payday loans to borrowers
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