Terry Brooks on Gov. Beshear’s commitment to cap payday lender’s interest rates

STATEMENT OF TERRY BROOKS, EXECUTIVE DIRECTOR,

ON GOVERNOR BESHEAR’S COMMITMENT TO CAP INTEREST RATES ON PAYDAY LENDERS TO 36%

Louisville, KY –Today, Governor Beshear released a statement saying in the 2010 legislative session he will work with his colleagues in the House and Senate to cap the annual interest rate payday lenders can charge to 36% which is the same rate the federal government imposes on what can be charged to our military personnel.

Representative Johnny Bell began this important conversation in the Commonwealth and we applaud Governor Beshear for taking the issue to the next level.  His commitment to a 36% cap will make a real difference for Kentucky’s families.  A 36% cap mitigates the impact of current payday lending rates on bankruptcy.  The Governor’s commitment extends a protection that we know works for Kentucky’s military families to every Kentucky family.  Finally, the cap ensures that payday loans are short-term solutions instead of a path to the long-term cycle of debt.

We thank the Governor for stepping up on this important issue and taking a strong position that will benefit the economic stability of Kentucky’s working families.

For Governor Beshear’s full statement read here: http://governor.ky.gov/pressrelease.htm?PostingGUID={523B91F6-7F0F-4265-B51E-57C7BE96435E}

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