Kansas lawmakers ask to carry on studying payday financing bill after hearing input on high-rate loans

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Kansas lawmakers ask to carry on studying payday financing bill after hearing input on high-rate loans

Claudette Humphrey, whom operates an application for Catholic Charities of Northern Kansas that helps people move out from underneath high-interest pay day loans, testifies before a particular committee that is joint of Kansas Legislature in support of a bill that will place tighter restrictions regarding the interest levels and charges those loan providers may charge.

Topeka ? The payday financing industry scored a short-term success in Kansas Wednesday whenever an unique legislative committee do not make an up or down suggestion in regards to a bill that will place tight limitations in the rates of interest and costs those loan providers may charge.

Alternatively, the panel stated its people desire to hear additional information through the workplace regarding the State Bank Commissioner in regards to the effect that brand brand new federal laws which were simply established a week ago will have in Kansas.

“i must inform you 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 associated with panel.