Baton Rouge, Louisiana
7 Day Forecast
Follow our weather team on social media

Group asks Gov. Jindal to veto payday loan bill

3 years 1 month 4 days ago May 22, 2014 May 22, 2014 Thursday, May 22 2014 May 22, 2014 3:15 PM in News
Source: Associated Press
By: Lauren Langlois

BATON ROUGE - A national organization that advocates for minorities has asked Gov. Bobby Jindal to veto a bill calling for mild restrictions to the payday loan industry.

The Center for American Racial Equality says the measure by Baton Rouge Rep. Erich Ponti will create a monopoly for payday lenders by limiting other creditors that do business in Louisiana.

Ponti's proposal would require all lenders serving Louisiana residents to register with the Office of Financial Institutions. Currently, only lenders with a physical address have to register.

Dwayne Carson, executive director for CARE, said Thursday that requirement would hurt competition by discouraging online lending.

Jindal hasn't taken a position yet on the bill, which received final passage this week.

More News

Desktop News

Click to open Continuous News in a sidebar that updates in real-time.
7 Days