Indiana 'loan shark' lending bill dies on House floor

Legislation that would have allowed payday and subprime lenders to charge interest rates on small loans at levels the state currently classifies as felony loan sharking has died in the Indiana House.

Republican leaders had been trying to whip up enough votes to pass the legislation Monday but failed ahead of that day's deadline to pass bills out of the chamber. Facing grim prospects, the bill's sponsor, Rep. Matt Lehman, R-Berne, decided not to even call Senate Bill 613 for a vote.

"After a long discussion (in Republican caucus) there was some determination it still needed additional work," he said afterward, "and we were just out of time."

The bill was supported by payday stores and installment loan shops that hired influential lobbyists who argue it would provide consumers with more borrowing options.

Read more: https://www.indystar.com/story/news/politics/2019/04/15/indiana-loan-shark-bill-dies-house-floor/3477075002/