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Fallin Vetoes High-Interest Loan Bill Pushed by National Payday Lenders

Fallin Vetoes High-Interest Loan Bill Pushed by National Payday Lenders

Inside her veto message, Fallin had written that the bill, which reflects a nationwide push from the payday financing industry for comparable legislation, would develop a high-interest item without limiting usage of other cash advance products.

“In reality, in my opinion that a few of the loans produced by this bill will be MORE COSTLY than the loan that is current,” she published.

Oklahoma’s legislation had among the greatest possible yearly interest levels among 10 comparable payday financing bills this season in seven states, an Oklahoma Watch review found.