Lawmakers like to boost fines for rogue payday loan providers by 500 %

FRANKFORT – A few Kentucky lawmakers want pay day loan shops to face much weightier penalties whenever they violate consumer-protection legislation.

Senate Bill 169 and home Bill 321 would raise the array of fines offered to the Kentucky Department of banking institutions through the present $1,000 to $5,000 for every single lending that is payday to between $5,000 and $25,000.

State Sen. Alice Forgy Kerr, R-Lexington, stated she had been upset final July to see into the Herald-Leader that Kentucky regulators permitted the five largest pay day loan chains to build up a huge selection of violations and spend hardly a lot more than the $1,000 minimum fine each and every time, and regulators never revoked a shop permit. Read more