New legislation filed in the Alaska House of Representatives would remove special exemptions for payday loans in the state’s lending laws, restricting payday loan companies to the interest rates and fees charged by normal banks. via AlaskaBeacon
Rep. Stanley Wright, R-Anchorage, speaks to fellow members of the Alaska House of Representatives on Wednesday, April 5, 2023.
would remove special exemptions for payday loans in the state’s lending laws, restricting payday loan companies to the interest rates and fees charged by normal banks.State law ordinarily limits loans to a 36% maximum annual percentage rate, but underpassed by the Alaska Legislature, payday loans receive special exemptions and can charge as much as 521.4% interest annually, according to information provided by Wright’s office.
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