Bill takes on payday lending

Published June 21, 2007 4:00am ET



It doesn’t matter to D.C. Council Member Mary Cheh that there are no payday loan shops in Ward 3, the predominantly white, upscale jurisdiction she represents.

As chair of the Committee on Public Services and Consumer Affairs, Cheh wants to rein in all institutions that offer the two-week, quick-fix cash loans through a bill that places a 24 percent annual percentage rate cap on interest charged by the lenders.

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