Posted: May 22, 2014 3:32 PM by Lauren Langlois
Source: Associated Press
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.