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Brand New Bill Banning New Kentucky Payday Loan Services Passes

Brand New Bill Banning New Kentucky Payday Loan Services Passes

A Kentucky bill banning all payday that is new providers within the state happens to be passed away into legislation.

Senate Bill 145 will generate two various company licenses for check cashing and deferred deposit solutions companies. Gov. Matt Bevin, R-Kentucky, finalized the measure in March 2019.

Presently, there’s only 1 state permit available. Beneath the law that is new there is a check-cashing permit for companies that charge a cost for cashing a check, and a deferred deposit license for pay day loan providers that provide high-interest, short-term loans.

But a last-minute amendment to the bill by their state Senate president would now in effect ban new cash advance providers. That addition states that there won’t be any brand brand new permanent deferred deposit licenses. Continue reading