BATON ROUGE, La. - Louisiana Gov. John Bel Edwards has vetoed legislation that opponents said enabled predatory lending.
The bill was pushed by Republican Sen. Rick Ward of Port Allen, who said it would open up loan opportunities for people who have trouble obtaining loans.
The Advocate reported that the bill would have allowed so-called payday lenders to offer installment loans of up $1,500, with fees and interests totaling 100% of the amount loaned.
In his Tuesday veto message, the Democratic governor said that the bill doesn't adequately protect people from predatory lending practices.
Edwards said he would support legislation with “appropriate safeguards on interest rates and fees.”
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