( – promoted by DocHoc)
State Senator Andrew Rice introduced SB 807 to amend the Deferred Deposit Lending Act (Payday Loans) by reigning in some of the most egregious practices of this industry. Rice’s bill would limit the annual interest charged to military personnel and dependents to only 36%. It also restricts actions of DDLs against military personnel, while on combat assignment, including contacting military superiors.
Senator Rice’s bill also restricts interest charged on these payday loans to $10 per $100 from $15 per $100 in current law. The annual interest on a 14 day $100 loan would be reduced by a third, to 260%. The measure goes on to require DDLs to be upfront with all their charges and terms of their contracts.
SB 807 was considered in the Business and Labor Committe Monday, and was killed by a tie vote. Voting for the measure was: Senators Andrew Rice, (D OKC); Tom Adelson, (D Tulsa); Debbe Leftwich (D); and Harry Coates (D Seminole). Voting against the measure were Senators Mike Johnson, (R Kingfisher); Randy Brogdon, (R Tulsa); David Meyers, (R Ponca City) and Sean Burrage (D Claremore).