Bill capping payday loans dies on Senate floor
BATON ROUGE - The payday lending industry has successfully beaten back efforts to add new restrictions on the short-term loans in Louisiana.
A measure that would have limited borrowers to 10 payday loans per year failed to win passage Tuesday in the Louisiana Senate.
Senators voted 20-17 for the proposal by Bogalusa Sen. Ben Nevers. But because the bill contained a new fee, the measure needed 26 votes, two-thirds support in the 39-member Senate.
Efforts to strip the fee and lessen the votes needed to pass the bill failed. But Nevers says he isn't giving up and will try to bring the measure back up for debate.
Similar attempts to toughen regulations on the industry also have been rejected in the House this session.