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 https://www.cashlandloans.net/ on Friday that will have developed that loan having a 204 % interest rate that is annual.

In her own veto message, Fallin composed that the bill, which reflects a push that is national the payday financing industry for comparable legislation, would produce a high-interest item without limiting usage of other pay day loan items.

“In reality, in my opinion that a number of the loans developed by this bill will be HIGHER PRICED than the present loan choices,” she had written.

Oklahoma’s legislation had one of several greatest possible interest that is annual among 10 comparable payday financing bills this season in seven states, an Oklahoma Watch review found. Read more