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Fallin Vetoes High-Interest Loan Bill Pushed by National Payday Lenders

Fallin Vetoes High-Interest Loan Bill Pushed by National Payday Lenders

Gov. Mary Fallin vetoed a bill on Friday that could have developed that loan by having a 204 % yearly interest.

In her own veto message, Fallin had written that the balance, which reflects a push that is national the payday financing industry for similar legislation, would produce a high-interest item without restricting usage of other pay day loan services and products.

“In reality, i really believe that a number of the loans developed by this bill could be HIGHER PRICED than the loan that is current,” she had written.

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