By BRAD BOWMAN
Kentucky Press News Service
FRANKFORT – A new Kentucky bill could make business more difficult for quick and easy payday loan companies to operate by capping interest rates.
State Sen. Reginald Thomas, D-Lexington, pre-filed legislation Friday for Bill Request 37, which proposes a tiered system for interest rates and violation penalties for cash advance and payday loan companies.
At each of the seven businesses located in Frankfort, the companies will offer some competitive edge on payday loans.