Senate Backs Alterations In Payday Advances, Employee’s Comp In Saturday Session

Meeting in a uncommon saturday session, the Florida Senate authorized revamping regulations for pay day loans and supported expanding employees’ settlement insurance coverage advantages for authorities and firefighters who are suffering from post-traumatic anxiety disorder.

Senators voted 31-5 to pass through a measure (SB 920) that will enable lenders that are payday make bigger loans for extended amounts of time. The proposal that is industry-backed has sailed through House committees, though this has drawn opposition from some customer advocates.

The balance will allow the organizations in order to make “installment” loans as much as $1,000, with repayment over 60 to ninety days.

Present legislation limits the loans that are high-interest $500 for durations of seven to 31 times. Continue reading Senate Backs Alterations In Payday Advances, Employee’s Comp In Saturday Session