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Payday Loan Law Fails

payday_loans

A bill designed to  limit payday loans failed to make it out of the House Corporations, Elections and Political Subdivisions Committee late last week.

Cheyenne’s Rep. Dan Zwonitzer said Wyoming is one of the few states that don’t have a law with maximum limits on payday lending.

The Bill would have set the limit forpost-dated checks at $400 and the top finance charge at 15 percent each month, or 45 percent per year, instead of 20 percent, or $30, on each payday loan.

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