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Governor Steve Beshear's Communications Office
Statement from Gov. Beshear regarding House Bill 381
FRANKFORT, Ky. – “This legislation is the right move to protect families, especially in these difficult economic times. Many individuals and families use payday loans as a short-term fix for a long-term problem, and some interest rates reach 400 percent, making it nearly impossible to dig out of that perpetual debt. A cap of 36 percent interest mirrors the federal government's cap on what may be charged to our military personnel. It's a smart and sensible bill for Kentuckians."
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