By The Associated Press
JACKSON, Miss. (AP) — The Mississippi House has passed a bill that would give consumers more time to pay off short-term loans and would reduce the maximum amount of interest payday lenders could charge.
The bill also would let payday lending businesses operate at least another five years in Mississippi. It passed 78-38 Tuesday after more than an hour of debate.
The bill moves to the Senate, and it’s unclear what will happen there.
Supporters say payday lenders give consumers access to quick cash to buy medicine, pay utility bills and cover other needs.
Opponents say the lending companies charge prohibitively high interest rates that make it difficult for consumers to get out of debt.
The bill is House Bill 455.