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House Committee Shoots Down Payday Lender Bill

money
Ingram Publishing

BATON ROUGE, La. (AP) — A proposal that would keep Louisiana from licensing new payday lenders has failed to win support from a House committee that has been sympathetic to the industry.

The House Commerce Committee voted 10-6 Tuesday against the proposal by Baton Rouge Rep. Regina Barrow.

Barrow said the bill would address the oversaturation of payday lenders in working-class communities. She said her district has about 10 payday lenders, which offer short-term loans at high interest rates, in a one-mile area.

Lawmakers who opposed the measure said they didn’t want to limit the free market for business.

The House planned a Tuesday debate on separate legislation by Baton Rouge Rep. Erich Ponti that would place other modest restrictions on the payday lending industry.

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