New payday lending law takes effect in Wash. state, By Manuel Valdes (AP), December 31, 2009, Washington Post: “After a new law imposing stricter regulations on the payday lending industry takes effect Jan. 1, Ken Weaver is not optimistic his two check-cashing stores in eastern Washington will remain open. The new law limits the size of a payday loan to 30 percent of a person’s monthly income, or $700, whichever is less. It also bars people from having multiple loans from different lenders, limits the number of loans a person can take out to eight per 12 months, and sets up a database to track the number of loans taken out by people…”
Poverty-related issues in the news, from the Institute for Research on Poverty