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Michigan Senate committee considers bills to cap payday loan rates

By Jon King

Testimony was heard Wednesday on proposed legislation to cap the rates that payday lenders in Michigan can charge, designed to prevent what was called “a debt trap by design.”

Two bills were before the Michigan Senate’s Finance, Insurance and Consumer Protection Committee, Senate Bill 632, sponsored by state Sen. Sarah Anthony (D-Lansing), and House Bill 4343, sponsored by Rep. Jennifer Conlin (D-Ann Arbor).


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