“The bill originated in the Senate, which passed it last month. Modeled roughly on a similar law in Tennessee, the legislation would limit the loans to a year’s length, shrink the pool of eligible borrowers, restrict the loan amount to half the car’s value, and prevent new interest from being heaped on after a vehicle has been repossessed. It establishes a tiered interest rate cap that runs from 22 percent per-month for a loan smaller than $700, to a maximum 15 percent per month for higher than $1,400.”
You can read more in the Washington Examiner.
