New legislation filed in the Alaska House of Representatives by Rep. Stanley Wright, R-Anchorage, proposes to significantly restrict the interest rates and fees that can be charged by payday loan companies in Alaska. (via AlaskaBeacon)
Rep. Stanley Wright, R-Anchorage, speaks to fellow members of the Alaska House of Representatives on Wednesday, April 5, 2023.
would remove special exemptions for payday loans in the state’s lending laws, restricting payday loan companies to the interest rates and fees charged by normal banks.State law ordinarily limits loans to a 36% maximum annual percentage rate, but under passed by the Alaska Legislature, payday loans receive special exemptions and can charge as much as 521.4% interest annually, according to information provided by Wright’s office.
In a brief interview, Wright said the inspiration for his bill came from anecdotal stories he heard while running for office in his northeast Anchorage neighborhood last year.
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