Supporters of Payday Lending Reform held a rally at the State House this afternoon.
The legislation would cap the annual interest rate of Payday Loans at 36 percent. Similar legislation has come before the State House for the past three years only to be defeated.
Margaux Morisseau, the co-chair of the Rhode Island Payday Reform Coalition, believes this year is different.
“Every year that it hasn’t passed the coalition has grown bigger because more Rhode Islanders are getting really upset because this law that’s a simple no-brainer, easy fix, that really helps the Rhode Island economy; every time this doesn’t go through more people join our forces, and the coalition is here—gonna be here until this law gets passed.”
Opponents of the bill say that Payday Loans offer an important service to those who need them. The bill’s supporters say the legislation does not get rid of the loans, but simply caps their interest rates.
The Senate Commerce Committee plans to review the Payday Lending bill on April 2nd.
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