Categories
payday loans interest rates

Florida Senate Backs Changes In Payday Advances, Workers’ Comp

Florida Senate Backs Changes In Payday Advances, Workers’ Comp

Florida – fulfilling in a Saturday that is rare session the Florida Senate authorized revamping laws for pay day loans and supported expanding employees’ compensation insurance coverage advantages for authorities and firefighters whom suffer from post-traumatic anxiety condition.

Senators voted 31-5 to pass through a measure (SB 920) that could allow lenders that are payday make larger loans for extended amounts of time. The proposal that is industry-backed has sailed through home committees, though this has drawn opposition from some consumer advocates.

The bill will allow the continuing organizations in order to make “installment” loans as much as $1,000, with payment over 60 to 3 months. Present legislation limits the high-interest loans to $500 for durations of seven to 31 times.