Representative Jeff Greer has bottlenecked legislation in committee which would cap Payday Lending rates at 36% in state of Kentucky. Presently Payday lending rates range up to 400%, affecting the most vulnerable in our society. Please join me in asking Representive Greer to allow this legislation to advance for the sake of the Common Good.
Why is this important?
Presently, Payday Lenders are permitted to charge up to 400% interest and fees for short term (payday) loans. The Federal government caps payday lending rates at 36% near military bases and lenders continue to profit from the business. In the Kentucky House of Representatives, the Chair of the Banking and Insurance committee, Jeff Greer, Brandenburg, refuses to bring the issue up for vote in committee. Please lend your support to advancing common sense legislation affecting those in the margins of our society.
