Senate approves payday lending compromise

By Bobby Harrison/NEMS Daily Journal

JACKSON – State senators today approved a compromise measure that will allow payday lenders to continue operating in Mississippi, but with provisions aimed at reducing the interest that consumers pay.
Barring any unusual parliamentary maneuvers, the bill will go the Gov. Haley Barbour for his signature.
The House approved the compromise on Monday. It allows the payday lending industry to keep operating in the state until July 2015.
Under current law, the interest rate amounts to about 574 percent, the highest in the nation.

Check back for updates.