by Mike Bevel, CollectionIndustry.com
Now that he himself doesn?t own one, Alabama state senator Lowell Barron is proposing some pretty severe restrictions on the high-interest world of payday loans.
Everyone who isn?t a payday loan operation owner is lauding the proposal.
Barron?s proposal, according to the Associated Press, would:
- prevent lending companies from extending payday loans.
- establish a statewide payday loan database in the state Banking Department to prevent lenders from providing a payday loan to anyone who had one in the last 60 days.
- prevent payday loan companies from taking any direct or indirect interest in a person’s personal property as a result of a loan.
- prohibit payday loan and title loan businesses from operating within five miles of a military installation, from garnishing military salary or wages, and from collecting a loan from a military member deployed overseas for combat.
