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Kansas lawmakers ask to keep learning payday financing bill after hearing input on high-rate loans

Kansas lawmakers ask to keep learning payday financing bill after hearing input on high-rate loans

Claudette Humphrey, whom runs a course for Catholic Charities of Northern Kansas that can help people move out from underneath high-interest pay day loans, testifies before a particular joint committee associated with the Kansas Legislature and only a bill that will place tighter restrictions regarding the rates of interest and charges those loan providers may charge.

Topeka ? The payday financing industry scored a short-term triumph in Kansas Wednesday when a particular legislative committee do not make an up or down suggestion about a bill that could place tight restrictions in the rates of interest and charges those loan providers may charge.

Alternatively, the panel stated its people desire to hear extra information through the workplace associated with the State Bank Commissioner concerning the effect that brand brand new federal laws which were just established week that is last have in Kansas.

“i must let you know that after we started setting this interim (committee meeting) up 30 days ago, I didn’t anticipate the CFPB ruling being released a week ago,” said Sen. Jeff Longbine, R-Emporia, president associated with the panel.

Claudette Humphrey, whom operates an application for Catholic Charities of Northern Kansas that can help people move out from underneath high-interest pay day loans, testifies before an unique joint committee of this Kansas Legislature and only a bill that will place tighter limitations in the rates of interest and charges those loan providers may charge.

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