Gov. Mary Fallin vetoed a bill on Friday that will have produced that loan having a 204 per cent interest rate that is annual. In her own veto message, Fallin had written that the bill, which reflects a push that is national the payday lending industry for comparable legislation, would produce a high-interest item without limiting usage of other pay day loan services and products.
вЂњIn reality, i really believe that a number of the loans developed by this bill could be MORE COSTLY than the loan that is current,вЂќ she had written.
OklahomaвЂ™s legislation had one of several greatest prospective yearly rates of interest among 10 comparable payday financing bills in 2010 in seven states, an Oklahoma Watch review discovered.