Lawmakers desire to improve fines for rogue payday loan providers by 500 %

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Lawmakers desire to improve fines for rogue payday loan providers by 500 %

By John Cheves | Lexington Herald-Leader

FRANKFORT – A few Kentucky lawmakers want pay day loan stores to face much weightier penalties whenever they violate consumer-protection legislation.

Senate Bill 169 and home Bill 321 would improve the selection of fines open to the Kentucky Department of finance institutions through the present $1,000 to $5,000 for each payday financing breach to between $5,000 and $25,000.

State Sen. Alice Forgy Kerr, R-Lexington, stated she had been upset last July to see when you look at the Herald-Leader that Kentucky regulators permitted the five biggest loan that is payday to amass a huge selection of violations and spend scarcely more than the $1,000 minimum fine every time, title loans Virginia and regulators never revoked a store permit.