CONCORD, N.H. -- The New Hampshire House voted in favor this week of a bill that limits the interest rate payday loan companies can charge customers.
The bill now heads to the desk of Gov. John Lynch.
The bill would set a 36 percent interest cap on all small loans, a move the industry says will put them out of business.
But opponents herald the bill, and say it's time to limit the predatory lending practices. Right now a customer can end up paying several hundred percent interest on a small short-term loan.
The governor has said he will sign the bill into law, which would then take effect Jan. 1.
