History: One either learns as a result or finds yourself condemned to duplicate it.

That’s a memo which will have missed the desk of Sen. Dan Newberry (R-Tulsa). The mortgage banker introduced SB 112, which, as stated on page 14 of the 32-page chunk of legislation, would increase the maximum payday loan amount from $500 to $1,500 in early January. A find more monthly rate of interest of 17 per cent could then be set in the brand new optimum.

The real history Newberry seems to be missing happened in 2016, whenever Sen. David Holt (R-OKC) authored a similar bill that will have permitted payday lenders to loan as much as $3,000 simultaneously and charge up to 20 per cent interest every month. During the time, Oklahoma Watch published an account (published by a ghost, evidently) featuring tweets for which Holt publicly abandons their bill after outcry against it. 继续阅读 →