MONTGOMERY, Ala. (AP) - State officials say they might decide next month whether to create a database tracking payday loans.
Alabama bureau of loans supervisor Scott Corscadden told the Montgomery Advertiser (http://on.mgmadv.com/18YpG3m ) that a public comment period on the proposal to create the database closed this week with 250 people weighing in.
Corscadden says officials will review the comments and make a recommendation to state banking Superintendent John Harrison, who will make a final decision. Corscadden says the review should be done by early September.
Alabama law bars consumers from having more than $500 in payday loans. However, lenders currently use between five to seven databases to track loan distribution.
A bill aimed at setting a 36% annual interest rate on payday loans failed in the last legislative session.
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