Looser Rules for Payday Loans Passes House Panel

posted by Rick Flagg and Gordon Byrd -

TALLAHASSEE (970 WFLA) -- A bill to let payday lenders make bigger loans and charge higher interest rates is one step closer to passing the Florida House.

It passed the House Budget Committee... with dueling pastors on either side. Opponents say payday loan profits damage communities and hurt the most vulnerable, Supporters say letting lenders charge more is the only way to keep poor people from going to loan sharks.

The bill is sponsored by Tampa Republican James Grant. Supporters include Tampa Democrat Sean Shaw. 

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