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University of Wisconsin–Madison
Poverty-related issues in the news, from the Institute for Research on Poverty

Payday Lending – California

Bill would limit number of payday loans to any one borrower, By Alejandro Lazo, April 17, 2013, Los Angeles Times: “A bill before the California Legislature would restrict the number of payday loans to any one borrower — an attempt to break the ‘debt cycle’ that ensnares some of the state’s poorest residents. Senate Bill 515 would bar the high-cost, short-term lenders from making more than six loans a year to any borrower. The bill, set to go before the Senate Banking and Financial Services Committee on Wednesday, also extends the minimum term of a payday loan to 30 days from 15…”