Most Active Stories
- Equality in Alabama? Same-Sex Marriage Reactions
- Alabama Universities Receive Accreditation Warning
- Alabama's Reaction to U.S. Supreme Court's ruling on Same Sex Marriage, Child Care sickness suits
- Same-Sex Marriage couples having trouble getting marriage licenses, Veteran honored in Sylacauga
- Tama the Stationmaster Cat
Mon March 4, 2013
Alabama Legislators Seek Limits On Payday Loans
Several Alabama legislators are proposing bills to place restrictions on payday and title loans, including capping the interest rates.
Legislators say their bills would limit annual interest rates at 36 percent. The loans can now have annualized rates of 456 percent on payday loans and 300 percent on title loans.
Democrat Ron Scott of Fairfield says he's optimistic about passage because the bills have a broad range of support, including the Southern Poverty Law Center, NAACP, AARP and Arise Citizens' Policy Project.
President of the industry group Borrow Smart, Max Wood of Birmingham, says the low interest rates would cause the businesses to close.
Jera Smith, an employee of a title loan business in Birmingham, says the company works to helps consumers — not harm them.
Copyright 2013 The Associated Press.