Eight senators voted against the bill today. The House passed the bill Monday.
The bill would establish a tiered system of caps on fees for payday loans, based on the amount borrowed. The bill also requires lenders to provide borrowers with information on their loan, including the interest rates, the type of loan and state legal authorities.
Sen. Walter Michel, a Jackson Republican, says the bill would generate savings for Mississippi consumers.
The bill is House Bill 455.
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