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Meeting in a rare Saturday session, the Florida Senate approved revamping regulations for payday loans and supported expanding workers’ compensation insurance benefits for police and firefighters who suffer from post-traumatic stress disorder.,Senators voted 31-5 to pass a measure (SB 920) that would allow payday lenders to make larger loans for longer periods of time. The industry-backed proposal also has sailed through House committees, though it has drawn opposition from some consumer advocates.,The bill would allow the businesses to make “installment” loans up to $1,000, with repayment over 60 to 90 days. Current law limits the high-interest loans to $500 for periods of seven to 31 days.,Supporters say the proposal was prompted by potential changes in federal regulations that could affect the types of smaller-dollar, shorter-term loans made by payday lenders in Florida.good online payday loans
Also, supporters contend that payday loans play a key role for many low-income people who don’t have access to other types of credit.,But some consumer and religious groups have fought the proposal, arguing that payday loans can put borrowers in a “debt trap.”,“We have seen members of our congregations and those in the communities around them fall victim to the debt trap that this type of loan supported by this bill creates,” Rachel Gunter Shapard, of the Cooperative Baptist Fellowship of Florida, said in a statement this week.,Along with the payday-loan legislation, senators also voted on several other bills. Among them was a measure (SB 376) that would expand workers’ compensation benefits for first responders who suffer from post-traumatic stress disorder.,Senate Backs Changes In Payday Loans, Workers Comp In Saturday Session By Jim Saunders - News Service of Florida Mar 4, 2018

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