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Eye On Boise

Tue., Jan. 22, 2013, 12:21 p.m.

Senator wants to cap ‘ridiculous’ interest rates charged for payday loans

Sen. Lee Heider, R-Twin Falls, is planning to introduce legislation to regulate payday loan companies, the Twin Falls Times-News reports. Heider joined members of the Idaho Community Action Network for a press conference yesterday to announce the push, which would cap loan interest rates at 36 percent, and force full transparency on the terms of the loan. Heider said rates now can inflate to as high as 500 percent. “That’s absolutely, totally ridiculous,” he said. Heider said he learned of the problem when one of his employees struggled after taking out a high-interest payday loan; you can read the full report here from Times-News reporter Melissa Davlin. Idaho currently caps payday loans at $1,000, but doesn’t regulate interest rates, she reports.

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Betsy Z. Russell
Betsy Z. Russell joined The Spokesman-Review in 1991. She currently is a reporter in the Boise Bureau covering Idaho state government and politics, and other news from Idaho's state capital.

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