INDIANAPOLIS — The controversial payday loans proposal in the Indiana Statehouse died Monday, as it wasn’t called up for a vote before its deadline.
The bill was opposed by many consumer agencies, veteran advocacy organizations, and faith groups, as well as the Indianapolis City-County Council.
The bill would have allowed some payday loan lenders to charge higher interest rates.
Current Indiana law allows loans with interest rates of up to 72 percent. Anything higher would be considered loan sharking.
The Indiana Institute for Working Families was one of the groups that fought against the bill.
“SB 613 is a radical change to consumer lending laws that authorizes multiple new loan products that will drown Hoosiers in unaffordable debt,” a release on the Indiana Institute for Working Families’ website said.
The bill’s supports say it would have provided consumers with more options.
Last month, the Indianapolis City-County Council sponsored a special resolution, calling on state lawmakers to vote against the bill.
Monday was the last day for Senate bills to be heard in the House. It didn’t get called during Session Monday, so it’s considered dead for this session. However, it’s still possible the language in the bill could come back in a different bill later this session.
