Fallin vetoes Oklahoma bill pushed by payday loan industry

Fallin vetoes Oklahoma bill pushed by payday loan industry
OKLAHOMA CITY (AP) – Gov. Mary Fallin has vetoed a bill pushed by the payday lending industry that would have added to the kinds of high-interest loans to be offered in the state.
Fallin issued her veto message late Friday, saying she had concerns about the impact that House Bill 1913 would have on low-income families in Oklahoma.
The bill was sponsored by Republican state Rep. Chris Kannaday of Oklahoma City and strongly supported by the payday lending industry, which has hired several lobbyists and given tens of thousands of dollars in campaign contributions to legislators.
Current law limits borrowers to a $1,000 loan from a payday loan institution, but Fallin says Kannaday’s bill would allow a borrower to get an additional loan for $1,500 with annual percentage interest of more than 200 percent.