Florida Senate backs alterations in pay day loans, employees’ comp

Written by martin. Posted in ameribest payday loans

Florida Senate backs alterations in pay day loans, employees’ comp

Saturday

TALLAHASSEE — Meeting in a unusual saturday session, the Florida Senate authorized revamping laws for pay day loans and supported expanding employees’ settlement insurance coverage advantages for police and firefighters who are suffering from post-traumatic anxiety condition.

Senators voted 31-5 to pass through a measure (SB 920) that will enable payday lenders to make bigger loans for longer amounts of time. The proposal that is industry-backed has sailed through home committees, though this has drawn opposition from some customer advocates.

The balance will allow the companies to help make “installment” loans as much as $1,000, with payment over 60 to 3 months. Present legislation limits the loans that are high-interest $500 for durations of seven to 31 times.

Supporters state the proposition had been prompted by prospective alterations in federal laws which could impact the kinds of smaller-dollar, shorter-term loans created by payday loan providers in Florida.