Jan, 2009
Their should have been a new restriction on loans and fees for the payday lenders, that is what a North Dakota legislator stated as the payday loans have become more popular in the economy which is in crisis.
The first hearing of the bill introduced by Minot. Rep. Woody Thorpe is about to be held in the House’s Industry, Business and Labor Committee. According to the proposal the limit on the payday loan fees should be reduced to 15% from 20%. Also a cut should be done from $500 to $250 for the maximum loans with $300 be the limit that someone may borrow from a single payday lender which is now $600.
More of the North Dakotans are using the payday lenders as the economy is sagging. Thorpe suggests that he wants to lower the limits of what the payday lenders may charge.
As we all know that payday lenders offer a short-term loan so that the borrower can cover their expenses until the next paycheck.
Source : Msnbc.msn.com
