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California on verge of capping prices on installment loans

California lawmakers are poised to impose mortgage loan limit on customer installment loans after forging a compromise with the support of advocacy groups and some loan providers.

The legislation passed a key hurdle wednesday if the state Senate’s banking committee, which had killed another rate-cap measure a year ago, voted 6-0 to accept it. A few committee members who voted in support of the balance also expressed misgivings about this.

“This isn’t the answer that is perfect. It’s far from this, ” said the committee’s president, Steven Bradford, a Democrat. Nevertheless, a recommendation was made by him to pass through the bill.

The measure, that was authorized because of the Ca Assembly in May, would impose an interest rate limit of 36% and the funds that are federal on installment loans of between $2,500 and $9,999. (more…)