This city council in Mississippi is apparently following the Virginia model.  From the story: 

The resolution states that “while short-term loans are important, it is equally important that consumers are not taken advantage of through inadequate state laws governing these practices.”

The resolution asks the legislature to enact laws preventing exploitative payday lending during its next regular session including:

• Allow the current repealer, which allows payday lenders to charge interest rates above and beyond the 36 percent imposed on all other financial institutions, to sunset as scheduled in 2012.

Short-term lending is important, but let’s eliminate it through onerous rate caps.