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October 12, 2005

Florida town may put cap on payday loans

Jacksonville is considering what would be the lowest interest rate, a payday loan company is allowed to charge in Florida.

Initially designed to protect the military from being overcharged by payday loan stores, the bill may be extended to cover the general public as well. The interest rate would be capped at 36 percent, making it the lowest in Florida.

Under the bill, no payday loan stores can be opened anywhere within 10 miles radius from any military base. It would also ban payday lenders from contacting the commanding officers of military customers (I can't believe they are allowed to do it now) in attempts to collect, and prohibit garnishing of military wages.

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