Louisiana Budget Project Director Jan Moller released the following statement about House Bill 766, which was approved Monday by the House Commerce Committee.
“The problem with payday lending is that it traps its customers in a cycle of debt. House Bill 766 does not address this problem. This is an industry bill that adopts policies that have been tried in many other states and do not protect families from the trap of long-term debt.
“The real solution is to cap annual interest rates at 36 percent, which would protect families while keeping money and jobs in Louisiana.”