Most Active Stories
- Saudi Airstrikes Raise Doubts Abroad, Spark Patriotic Fervor At Home
- "Spice" patients increasing, Test confirms marijuana brownies, Battle of Selma re-enactment
- Why Don't Ants Need A Leader?
- Lear denies allegations, The Great Invisible and new Little Lagoon Bridge
- Bentley on state budget, Alabama Nature Conservancy and new round of BP recovery funding
Tue August 27, 2013
Ala. Officials Mull Database To Track Payday Loans
State officials say they might decide next month whether to create a database tracking payday loans.
Alabama bureau of loans supervisor Scott Corscadden says that a public comment period on the proposal to create the database closed this week with 250 people weighing in.
Corscadden says officials will review the comments and make a recommendation to, who will make a final decision. Corscadden says the review should be done by early September.
Alabama law bars consumers from having more than $500 in payday loans. However, lenders currently use between five to seven databases to track loan distribution.
A bill aimed at setting a 36 percent annual interest rate on payday loans failed in the last legislative session.