INDIANAPOLIS (WOWO): A subprime loan bill that struggled to get through the Indiana Senate is officially dead.
The bill died in the House yesterday. It would have allowed lenders to charge substantially higher interest rates, up to 99% per year, and would also have changed the definition of criminal “loan sharking”.
The South Bend Tribune reports that supporters said it would fill “needed gaps” in the loan industry and would open up loan possibilities for Hoosiers with low credit scores.
Berne State Representative Matt Lehman tells the Journal Gazette the bill’s language could pop up in another bill, but it’s unlikely.