By Tony McVeigh
http://stream.publicbroadcasting.net/production/mp3/wuky/local-wuky-952760.mp3
Frankfort, KY – For three years now, Louisville Rep. Darryl Owens has been trying to cap payday loans in Kentucky at 36 percent. But his bill never went anywhere. It didn't even get a committee hearing, until now.
"Simply stated, payday lending affects our most vulnerable citizens - the poor and senior citizens. The very people we were elected to safeguard."
But after hearing payday lenders argue they provide a valuable service to Kentuckians with nowhere else to turn for small, short-term loans, and the bill will put them out of business, the House Banking and Insurance Committee voted 13-10 against the bill. Rep. Owens says he won't try to revive the bill this session, but he'll keep trying.