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Florida Senate backs alterations in payday advances, employees’ comp

TALLAHASSEE — Meeting in A saturday that is rare session the Florida Senate authorized revamping regulations for pay day loans and supported expanding employees’ settlement insurance coverage advantages for authorities and firefighters whom suffer from post-traumatic anxiety condition.

Senators voted 31-5 to pass through a measure (SB 920) that will enable lenders that are payday make larger loans for longer amounts of time. The industry-backed proposition also has sailed through home committees, though it offers drawn opposition from some customer advocates.

The bill allows the continuing companies in order to make “installment” loans as much as $1,000, with payment over 60 to 3 months. Present legislation limits the loans that are high-interest $500 for durations of seven to 31 times.

Supporters state the proposition had been prompted by prospective alterations in federal laws which could impact the forms of smaller-dollar, shorter-term loans produced by payday loan providers in Florida. (more…)