Policy professionals stated the payday financing industry crafted the legislation that is new.

Policy professionals stated the payday financing industry crafted the legislation that is new.

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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.

“In reality, i really believe that a number of the loans developed by this bill could be MORE COSTLY than the loan that is current,” she had written.

Oklahoma’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.

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