Gov. John Bel Edwards rejected the new legislation that would have inflicted undue hardship on state residents.
Democratic Louisiana Governor John Bel Edwards has vetoed new legislation that would have inflicted undue hardship on residents of the state who take advantage of payday loans.
Senate Bill 381 was sponsored by Republican state Sen. Rick Ward, who said it would help those who use the loans to meet unexpectedly large expenses. The legislation would have offered installment loans up to $1,500. However, with fees and interests, the amount owed or principal could increase by 100%, according to today!
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