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Legislation introduced to legalize payday-like loans in Pennsylvania

a proceed to legalize high-cost short-term loans in Pennsylvania has been resurrected into the Legislature.

Legislation happens to be introduced to legalize just what Sen. Pat Browne, R-Lehigh County, defines as a brand new variety of short-term loan item.

This plan brings with it an avenue for borrowers to earn their way to longer-term, cheaper loan products unlike the legislation that stalled out in the Senate last year after passing the House.

Sen. Pat Browne, R-Lehigh County, on Friday introduced legislation he believes reacts towards the criticisms raised in regards to the proposition available in final legislative session.

It also possesses brand new title for the two-week loans. Browne’s bill calls them “micro loans.”

But opponents state they aren’t tricked.

Simply by reading the memo that Browne distributed to their Senate peers looking for their help, opponents see small distinction between it together with proposition they fought a year ago.

“No matter just what proponents like to phone it, a predatory payday loan is nevertheless a predatory payday loan.