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Florida Senate Backs Changes In Payday Advances, Workers’ Comp

Florida Senate Backs Changes In Payday Advances, Workers’ Comp

Florida – fulfilling in a uncommon Saturday session, the Florida Senate authorized revamping laws for pay day loans and supported expanding employees’ settlement insurance coverage advantages for authorities and firefighters who are suffering from post-traumatic anxiety disorder.

Senators voted 31-5 to pass through a measure (SB 920) that could enable payday lenders to make larger loans for longer amounts of time. The industry-backed proposition additionally has sailed through home committees, though it offers drawn opposition from some customer advocates.

The balance allows the continuing companies to create “installment” loans as much as $1,000, with payment over 60 to ninety days. Present law limits the loans that are high-interest $500 for durations of seven to 31 times.