On March 19, Governor Rick Scott signed SB 920 into law. The measure allows a new product for payday loans up to $1000 that will cost consumers more in fees and interest payments than the current payday products. It also allows loans to be made at triple-digit annual percentage rates. Most comparable loans are capped at 30 percent. In a letter to Senator Rob Bradley, the bill sponsor, FCCB Executive Director Michael Sheedy related concerns that prompted opposition to the bill during the recently concluded session. Archbishop Thomas Wenski of Miami wrote about the practice of unscrupulous lending in an op-ed published by the Sun Sentinel. We thank the FLCAN members that urged Governor Scott to veto this legislation that too easily allows consumers to be trapped in cycles of debt. |
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