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Kentucky trouble?

December 15, 2009 | Kentucky, industry, regulation | Comments (0)

This just popped up:

Kentucky Gov. Steve Beshear Tuesday called on members of the Kentucky General Assembly to consider legislation that would cap the amount of interest payday lenders can charge consumers to 36 percent.

The cap is based on the federal government’s annual percentage rate limit placed on payday loans to military members and their families.

Since we’re taking a lesson from the military rate cap, let’s note that payday lenders aren’t lending to military personnel because they can’t make money at 36%.

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