Kansas lawmakers ask to keep learning payday financing bill after hearing input on high-rate loans

Kansas lawmakers ask to keep learning payday financing bill after hearing input on high-rate loans

Claudette Humphrey, whom operates a course for Catholic Charities of Northern Kansas that can help people get out from underneath high-interest payday advances, testifies before an unique committee that is joint of Kansas Legislature and only a bill that could place tighter restrictions regarding the interest levels and charges those loan providers may charge.

Topeka ? The lending that is payday scored a short-term triumph in Kansas Wednesday whenever a particular legislative committee do not make an up or down suggestion in regards to a bill that will place tight restrictions from the rates of interest and charges those loan providers can charge.

Rather, the panel stated its people wish to hear additional information through the Office of this State Bank Commissioner concerning the effect that brand brand new federal laws which were simply established the other day will have in Kansas.

“i must let you know that after we started setting this interim (committee meeting) up 30 days ago, I didn’t anticipate the CFPB ruling being released a week ago,” said Sen. Jeff Longbine, R-Emporia, president for the panel.

Claudette Humphrey, who operates a course for Catholic Charities of Northern Kansas that can help people move out from underneath high-interest payday advances, testifies before a unique committee that is joint of Kansas Legislature and only a bill that will place tighter limitations regarding the interest levels and costs those loan providers may charge. Read more