TALLAHASSEE, Fla. (AP) — Florida could ease some of the restrictions now in place for so-called payday loans.
Bills moving through the House and Senate would double the current limit on the loans from $500 to $1,000 and would allow lenders to give 60-to-90 day loans.
A Senate panel on Monday voted in favor of the bill (SB 920), even though consumer advocates said it would create a debt trap for poor people.
Back in 2001, the state cracked down on loans where lenders give borrowers money in exchange for holding a postdated check as collateral.
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Existing lenders say they need to change the law because of potential new federal regulations. Sen. Rob Bradley, a north Florida Republican and bill sponsor, contends payday lenders may have to shut down without the change.