Compromise in Washington State

From the article:

The compromise bills would limit the size of a payday loan to 30 percent of a person’s monthly income or $700, whichever is less. They would also bar people from having multiple loans at different payday companies, and set up a database to track the number of loans taken out by people.

The bill also enacts an installment plan for people who fall behind on their loan payments that would allow customers to have up 90 days to pay back a loan of $400 or less, and 180 days for a loan of more than $400 without a fee. Currently, a borrower has 60 days and must pay fees.

The bills are getting lukewarm responses from both sides of the issue.

Compromises usually get lukewarm responses.

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