Capping Payday Loan Interest Rates

Hoosier Are In Need

by Angela Weaver, Klinker-Alting Family Advocacy intern

It is a sad day for all of us at Campaign for Hoosier Families.  Senate Bill 104, which capped interest rates on payday loans, was defeated in the third reading with a vote of 22 yeas and 27 nays and will not continue any further this session. Consequently, the bill which we all had high hopes for is now dead. Originally authored by Senator Greg Walker and Senator John Ruckelshaus, this bill seemed to have the support needed at the State Capitol in order to pass both houses and become law. At the time of third reading, SB-104 had eight co-authors.Senate Bill 84 and House Bill 1098 which also addressed small loan finance charges did not make it passed the first reading.

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by Angela Weaver, Klinker-Alting Family Advocacy intern

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