<p>By Dr. Alex Mikulich</p>
<p><span>Alabama and Louisiana legislatures defeated legislation this session to cap payday loans at 36% annual percentage rate (APR).&nbsp; Alabama also defeated HB 145 to create a state database to enforce existing law limiting borrowers to $500 in payday loan debt. </span></p>
<p><span>The people of Louisiana &ldquo;cry out&rdquo; for capping payday loans at 36% annual percentage rate (APR), said Representative Ted James (Baton Rouge) in his closing argument for HB239 on April 7, 2014. &nbsp;</span></p>
<p><span>Echoing God&rsquo;s message in&nbsp;</span><i>Exodus</i><span>&nbsp;</span><i>3: 7-8</i><span>, &ldquo;I hear the cry of my people,&rdquo; Representative James urged his colleagues to hear the cry of the people.&nbsp;&nbsp; He urged his colleagues to take to heart the courageous voices of victims of the payday debt trap who testified about their suffering.&nbsp; Finally, he named many organizations advocating for the 36% APR cap.&nbsp;</span></p>
<p><a href="http://t.e2ma.net/webview/vrwle/780a65b7a3d880d4bd19c61e37d5e5f6"><span>MORE&gt;&gt;</span></a></p>