KS lawmakers delay ruling on payday loan businesses

October 12, 2017 - 7:52 am

TOPEKA, Kan. (KNSS) - Kansas lawmakers considered tighter rules on payday lending during a committee meeting Wednesday, but they ultimately decided not to recommend more regulations for the short-term loans. Republican Senate Vice President Jeff Longbine says there are new federal regulations on the issue that need to be considered.

"I think its prudent at this point to wait and allow people time to see what that ruling says, what the ramifications are to that ruling,” said Longbine.

Lawmakers will continue studying the issue. Republican Representative Randy Powell was not satisfied with the lack of action. He says this is an instance where stricter rules are needed.

"They walk into these things having no idea what they are getting into and then they pay a ludicrous price for that.  I'd like to see this addressed sooner rather than later," Powell said.

Critics of new regulations say people should be able to make their own financial decisions. They say strict rules could close down the industry and eliminate an option for people who need short-term cash.

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