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Florida Senate backs alterations in payday advances, employees’ comp
Saturday
TALLAHASSEE — Meeting in a unusual saturday session, the Florida Senate approved revamping laws for pay day loans and supported expanding employees’ settlement insurance coverage advantages for authorities and firefighters who are suffering from post-traumatic anxiety condition.
Senators voted 31-5 to pass through a measure (SB 920) that could enable payday loan providers to make larger loans for longer amounts of time. The proposal that is industry-backed has sailed through home committees, though it offers drawn opposition from some customer advocates.
The balance allows the continuing companies to help make “installment” loans as much as $1,000, with payment over 60 to ninety days. Current legislation limits the loans that are high-interest $500 for durations of seven to 31 times.
Supporters say the proposition had been prompted by prospective alterations in federal laws that may impact the forms of smaller-dollar, shorter-term loans created by payday lenders in Florida. Additionally, supporters contend that pay day loans perform a role that is key numerous low-income those who don’t get access to other styles of credit.
During brief remarks regarding the Senate flooring Saturday, sponsor Rob Bradley, R-Fleming Island, alluded to those dilemmas, saying the balance would ensure the credit that is“short-term” would endure amid the possibility federal modifications. Read more
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