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The Louisiana Budget Project (LBP) and Student Borrower Protection Center (SBPC) applaud the Louisiana State Legislature for passing House Bill 610 and House Bill 789, which will level the playing field for the state and for borrowers relative to the student lending industry.… Read more...
Governor John Bel Edwards vetoed Senate Bill 381 on Tuesday night, legislation that would have expanded predatory lending in the state by legalizing larger loans with longer terms at triple-digit annual interest rates.
Statement from Davante Lewis, Director of Public Affairs and Outreach for the Louisiana Budget Project:
“Louisiana Budget Project applauds Governor Edwards for recognizing the harm that triple-digit interest debt traps cause working families.… Read more...
Community and advocacy groups are calling on Gov. John Bel Edwards to veto a bill narrowly passed by the state Legislature last week, with only high-interest lenders supporting it. Senate Bill 381 would expand triple-digit interest lending by legalizing larger payday loans with longer terms, the groups wrote, “thus making Louisiana’s payday lending problem even worse than it is.”… Read more...
The Louisiana House of Representatives is set to vote on a bill that would expand triple-digit interest lending in the state. Senate Bill 381 by Sen. Rick Ward would add another product to what predatory lenders can currently market. Under the bill, loans could carry triple-digit APRs, create a longer-lasting debt trap with terms of three months to one year and cost as much in fees as the loan amount. … Read more...