Louisiana Budget Project Director Jan Moller issued the following statement about House Bill 239, which was narrowly defeated by House Commerce Committee today:
“It was disappointing to see a majority of the committee side with the payday industry over the need to protect consumers from these unaffordable loans. Capping interest rates at 36 percent would have kept millions of dollars from leaving our communities and protected vulnerable Louisianans from cycles of debt that lead to closed bank accounts, lost jobs and bankruptcy.
“We commend Rep. Ted James for bringing this important bill and speaking out for Louisiana families.”