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Hannah-Beth Jackson’s bill to modify payday loan providers stalls

Hannah-Beth Jackson’s bill to modify payday loan providers stalls

SACRAMENTO ? Up against strong opposition through the industry, a bill that seeks to restrict the sheer number of pay day loans customers might take as well as provide them with more time to pay for each one of these right back stalled when you look at the Senate Banking Committee on potentially dooming its prospects for passage wednesday.

Sen. Hannah-Beth Jackson, D-Santa Barbara, whom proposed the balance to alter a financing training that she referred to as “a financial obligation trap,” stated she’s going to continue steadily to look for reforms but that the committee’s indifference is likely to make negotiations with industry difficult.