Washington Senate passes bill to revamp loan industry that is payday

Washington Senate passes bill to revamp loan industry that is payday

All four Republican senators whoever districts consist of all or section of Clark County voted yes in the bill. These are generally Don Benton, Ann Streams, Curtis King and John Braun. Democratic Sen. Annette Cleveland of Vancouver voted no OLYMPIA — The Washington Senate passed a bill Tuesday evening that could reshape the state’s short-term loan rules in response to industry needs. With a 30-18 bipartisan vote, senators approved a bill by Democratic Sen. Marko Liias of Lynnwood that could abolish the prevailing system, makes it possible for two-week pay day loans as much as $700 with 36 per cent annual interest as much as eight times in year. In its place, Senate Bill 5899 would produce a method where loan providers can offer loans with month-to-month along with other charges and an interest that is similar charged for approximately half a year. Continue reading →

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