Committee chairman kills divisive payday lending bill

An Indiana Senate committee chairman has killed a payday lending bill that critics charge would have allowed predatory lending practices.

Posted: Feb. 27, 2018 1:57 PM

INDIANAPOLIS (AP) — An Indiana Senate committee chairman has killed a payday lending bill that critics charge would have allowed predatory lending practices.

A spokesman for Republican Sen. Mark Messmer said Tuesday that the Jasper Republican ruled out giving the bill a hearing in his Commerce and Technology committee. That effectively killed the bill, which was previously approved by the House.

Messmer's decision comes after the Senate leader David Long of Fort Wayne said that he is "not of big fan" of the bill. It was also opposed by faith-based groups.

It's a felony under state law to offer loans with an annual percentage rate over 72 percent. But the bill would create a new type of payday loan that would have allowed for annual percentage rates of up to 222 percent.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Article Comments

West Lafayette
Few Clouds
76° wxIcon
Hi: 82° Lo: 52°
Feels Like: 76°
Kokomo
Clear
76° wxIcon
Hi: 82° Lo: 51°
Feels Like: 76°
Rensselaer
Scattered Clouds
72° wxIcon
Hi: 80° Lo: 50°
Feels Like: 72°
Fowler
Scattered Clouds
72° wxIcon
Hi: 79° Lo: 51°
Feels Like: 72°
Williamsport
Overcast
72° wxIcon
Hi: 82° Lo: 52°
Feels Like: 72°
Crawfordsville
Scattered Clouds
74° wxIcon
Hi: 82° Lo: 53°
Feels Like: 74°
Frankfort
Overcast
78° wxIcon
Hi: 81° Lo: 51°
Feels Like: 80°
Delphi
Overcast
76° wxIcon
Hi: 82° Lo: 52°
Feels Like: 76°
Monticello
Overcast
76° wxIcon
Hi: 81° Lo: 51°
Feels Like: 76°
Logansport
Scattered Clouds
77° wxIcon
Hi: 81° Lo: 50°
Feels Like: 79°
Big changes on the way!
WLFI Radar
WLFI Temps
WLFI Planner

Community Events