Lawmakers yet again reject bill to fix lending glitch that is payday

Rep. Adrienne Wooten, a Hinds County Democrat, attempted unsuccessfully once again this season to repair a glitch in Mississippi’s payday lending law that had been suppose to provide borrowers thirty days to settle loans in excess of $250.

As opposed to the thirty day period, borrowers have now been getting just a couple of weeks to settle the loans before brand brand new charges start working.

A supply in Mississippi’s 2012 Checking Cashing Act established two tiers of loans, the very first tier applying to loans of $250 or below in addition to other to loans that whenever coupled with costs usually do not go beyond $500.

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