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Supporters of payday loan limits point to new data

By Lauren Langlois
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BATON ROUGE, La. (AP) — Organizations seeking to toughen regulations on payday loans Monday pointed to a report by the Louisiana Office of Financial Institutions that shows state residents shelled out about $146 million in fees and interest on the loans last year.

Advocates for payday loan reform used the report at a House Commerce Committee hearing to back Rep. Ted James’ proposal to cap payday loans’ annual interest rate at 36 percent.

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