Representing the Roman Catholic Church and Kentucky’s dioceses in public places policy things.
On Friday, January 27, Rep. Darryl Owens introduced home Bill 332, which will cap the attention price on pay day loans at 36%. This bill is practically the same as HB 182 within the 2011 Session. As well as the rate of interest limit, HB 332 would need pay day loan businesses to reveal in a prominent means the effective rates of interest being charged and would bring this industry into a regulatory environment just like compared to other financing organizations.
The Conference supports HB 332 . Catholic Social Teaching is quite clear that banking and financing are essential solutions and certainly will play a role in the normal good, but such methods can effortlessly cause usury. A role is had by the state to try out in protecting customers, particularly the bad, from predatory financing techniques.