Senators rewrite payday lending restriction bill

Published April 1, 2014 11:09pm ET



BATON ROUGE, La. (AP) — A person would be limited to 10 short-term loans a year from payday lenders under a bill that received the backing of a Senate judiciary committee Tuesday after heavy reworking.

Originally, the measure by Sen. Ben Nevers, D-Bogalusa, sought to cap the fees that can be charged by the storefront lenders at an interest rate of 36 percent annually.

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