Los Angeles Business Journal

Bill Would Limit Payday Loans

Wednesday, April 17, 2013

An attempt to break the "debt cycle" ensnaring some of the state's poorest residents, State Senate Bill 515, which set to go before a committee today, would bar the payday lenders in California from making more than six loans a year to any borrower and extends the minimum term of a payday loan from 15 days to 30, the Los Angeles Times reports.