Gov. Mary Fallin vetoed a bill on Friday that could have developed that loan with a 204 % interest rate that is annual.
In her own veto message, Fallin had written that the balance, which reflects a push that is national the payday financing industry for comparable legislation, would develop a high-interest item without limiting usage of other pay day loan services and products.
вЂњIn reality, I think that a number of the loans produced by this bill could be MORE COSTLY than the loan that is current,вЂќ she had written.
OklahomaвЂ™s legislation had one of many highest prospective interest that is annual among 10 comparable payday financing bills this current year in seven states, an Oklahoma Watch review discovered.
Home Bill 1913 could have created вЂњsmallвЂќ loans having a month-to-month interest of 17 %, which means 204 % yearly rate of interest.