Hannah-Beth Jackson’s bill to modify payday loan providers stalls

Hannah-Beth Jackson’s bill to modify payday loan providers stalls

SACRAMENTO ? Confronted with strong opposition through the industry, a bill that seeks to restrict how many payday advances customers might take as well as provide them with more hours to cover every one right right straight back stalled into the Senate Banking Committee on Wednesday, possibly dooming its leads for passage.

Sen. Hannah-Beth Jackson, D-Santa Barbara, whom proposed the balance to alter a financing training that she referred to as “a financial obligation trap,” said she’ll continue steadily to look for reforms but that the committee’s indifference is going to make negotiations with industry difficult. Continue reading Hannah-Beth Jackson’s bill to modify payday loan providers stalls