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In her veto message, Fallin penned that the bill, which reflects a nationwide push from the payday financing industry for comparable legislation, would produce a high-interest item without limiting use of other pay day loan services and products.

“In reality, in my opinion that a few of the loans produced by this bill could be HIGHER PRICED than the current loan choices,” she had written.

Oklahoma’s legislation had one of several greatest prospective yearly rates of interest among 10 comparable payday financing bills in 2010 in seven states, an Oklahoma Watch review discovered.

Home Bill 1913 could have created “small” loans by having a month-to-month rate of interest of 17 per cent, which means 204 per cent interest rate that is annual. Leer más Acerca deFallin Vetoes High-Interest Loan Bill Pushed by National Payday Lenders …