North Country
9:43 am
Sun March 25, 2012

Sen. Gallus Supports Lynch Veto Of Payday Loans

 

Sen. John Gallus,  a Republican from Berlin who represents the North Country, was among those voting last week not to override Gov. Lynch’s veto of so-called payday loans.

As NHPR reported “The measure would have lifted the current 36% interest rate cap on small loans. In place of that cap, Senator Matt Houde told colleagues companies could charge borrowers up to 403% interest.

“Lenders could charge consumers over $1100 to repay a $500 loan, over a 6 month term. I will let that speak for itself.”

Only 11 senators voted to overturn the veto. Thirteen others,  including Gallus, opposed overriding the veto.

To see how other senators voted go here.