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Pay day loans and Customer Protection in Kansas

Pay day loans and Customer Protection in Kansas

The time that is first lawmakers took actions to modify the industry which help keep customers protected was at 1991. Their state legislation attempted to pass through guidelines to restrict rates of interest which help customers maybe not be in over their minds for payday advances, however the bill never ever got from the Senate.

In 1993, state lawmakers in Kansas had been finally effective at moving the very first bill to assist manage the pay day loan industry. Kansas ended up being among the states that are first the united states to simply just take this task to guard customers. The brand new legislation capped interest levels, restricted the amount of cash customers could borrow and set a roof for finance fees.

In 2004, the Kansas state legislature went back once again to what the law states and amended it utilizing the new, present laws.

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