Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Payday loan protection bill is getting ready in Michigan

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September 15, 2005

Payday loan protection bill is getting ready in Michigan

Payday loan companies are waiting for the new bill that Michigan lawmakers are readying for consumer protection. Differences among the legislators have delayed this payday loan legislation so far, but it did pass the state senate.

Two key provisions would limit payday loan amounts to $600 for each 31 day period and limit service fees between 11 percent and 15 percent.

Under this pending bill, every payday loan company must be licensed by state. Consumers will also be limited to only one transaction at a time.

Introducing this bill, Michigan joins to the growing number of states that seek to put some restrictions on rather unregulated payday loans.

See payday loans in Virginia and payday loans in Wisconsin stories.

Posted in Payday Loans at September 15, 2005 11:47 AM

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