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May 18, 2022
LANSING, Mich (AP) – A coalition that wants voters to decide how Michigan should cap payday loan interest rates got approval for its summary wording on Tuesday for a petition to submit the question in the ballot in November 2022.
Members of Michiganders for Fair Lending told the Board of State Canvassers that payday loans – short-term loans with high interest rates – often trap people in a cycle of debt because the current law of lending is The state allows interest rates equivalent to an annual interest rate greater than 370%. .