Payday Loan Battle Heats Up in Oregon

Published on:
12 September 2006 at 10:21 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00011764-payday-loan-battle-heats-up-in-oregon/

On the heels of an apparent victory for consumer advocates in Oregon, payday loan representatives vowed to reignite the battle over short-term loans in the state, according to a story by the Associated Press over the weekend.

The Oregon Legislature passed regulations last Thursday that cap the interest rates payday lenders can charge on their loans. But a spokesman for the payday lenders, Mark Thompson, told the Associated Press that the only reason the regulations were passed was due to the loans becoming “a very politicized issue in an election year.”

For this entire story, please visit Loan industry may try to derail new rules.