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Payday financing bill makes training more equitable for borrowers, says ICC

Payday financing bill makes training more equitable for borrowers, says ICC

By Brigid Curtis Ayer

A bill which will make payday lending more equitable for borrowers is into consideration at the Indiana General Assembly this current year. The Indiana Catholic Conference (ICC) supports the proposal.

Senate Bill 325, authored by Sen. Greg Walker, R-Columbus, would cap costs in addition to interest collected from the loan to a 36 % apr (APR). Present legislation permits as much as a 391 % APR.

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