New Bill Banning Brand Brand New Kentucky Payday Loan Services Passes

New Bill Banning Brand Brand New Kentucky Payday Loan Services Passes

A Kentucky bill banning all brand new cash advance providers within the state happens to be passed away into legislation.

Senate Bill 145 can establish two various business licenses for check cashing and deferred deposit solutions companies. Gov. Matt Bevin, R-Kentucky, finalized the measure in March 2019.

Presently, there’s only 1 state permit available. Underneath the law that is new there is a check-cashing permit for companies that charge a cost for cashing a check, and a deferred deposit license for pay day loan providers offering high-interest, short-term loans.

However a last-minute amendment to the balance because of their state Senate president would now in effect ban new cash advance providers. Continue reading New Bill Banning Brand Brand New Kentucky Payday Loan Services Passes