Work to finish triple-digit interest levels on little loans in Ca clears hurdle that is major

Work to finish triple-digit interest levels on little loans in Ca clears hurdle that is major

Legislation to cap interest levels on high-cost tiny loans in Ca cleared a major hurdle wednesday into the state Senate despite strong opposition from deep-pocketed loan providers.

The Senate Banking and finance institutions Committee approved Assembly Bill 539, which will set a yearly interest limit of 36% along with a 2.5% federal funds price on loans of $2,500 to $10,000, having a 6-0 bipartisan vote. Read more