Fallin Vetoes High-Interest Loan Bill Pushed by National Payday Lenders

Fallin Vetoes High-Interest Loan Bill Pushed by National Payday Lenders

Inside her veto message, Fallin wrote that the bill, which reflects a push that is national the payday financing industry for comparable legislation, would create a high-interest item without limiting usage of other cash advance items.

“In reality, in my opinion that a number of the loans developed by this bill will be HIGHER PRICED than the loan that is current,” she penned.

Oklahoma’s legislation had among the highest prospective yearly interest levels among 10 similar payday financing bills this present year in seven states, an Oklahoma Watch review discovered.

Home Bill 1913 could have created “small” loans by having a month-to-month rate of interest of 17 %, which means 204 % interest rate that is annual.