Group asks Gov. Jindal to veto payday loan bill
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.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Sheriff\'s Deputy and daughter slain
Deputy puts up \'grisly\' fight before being killed with daughter by neighbor
Sheriff's office investigating local case of creepy clowns
Thousands of dollars worth of electronics go missing from flooded school
Sheriff's deputy, daughter killed by upset neighbor