By John Cheves | Lexington Herald-Leader
FRANKFORT вЂ“ A few Kentucky lawmakers want pay day loan shops to face heavier that is much when they violate consumer-protection law.
Senate Bill 169 and home Bill 321 would increase the selection of fines offered to the Kentucky Department of banking institutions through the present $1,000 to $5,000 for every lending that is payday to between $5,000 and $25,000.
State Sen. Alice Forgy Kerr, R-Lexington, stated she had been upset final July best online payday loans instant approval to see within the Herald-Leader that Kentucky regulators permitted the five biggest pay day loan chains to build up a huge selection of violations and spend scarcely a lot more than the $1,000 minimum fine every time, and regulators never revoked a shop permit.
No one is apparently stopping pay day loan shops from bankrupting debt beyond the legal limits to their borrowers, Kerr stated.