Alabama Officials Mull Database to Track Payday Loans

By: The Associated Press
By: The Associated Press

MONTGOMERY, Ala. (AP) -- State officials say they might decide next month whether to create a database tracking payday loans.

Reports say Alabama bureau of loans supervisor Scott Corscadden says a public comment period on the proposal to create the database closed this week with 250 people weighing in.

Corscadden says officials will review the comments and make a recommendation to state banking Superintendent John Harrison, who will make a final decision. Corscadden says the review should be done by early September.

Alabama law bars consumers from having more than $500 in payday loans. However, lenders currently use between five to seven databases to track loan distribution.

A bill aimed at setting a 36 percent annual interest rate on payday loans failed in the last legislative session.

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