New rules may come to payday loan industry - KWWL - Eastern Iowa Breaking News, Weather, Closings

New rules may come to payday loan industry

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The payday loan industry may get a major overhaul.

The Consumer Financial Protection Bureau is proposing new rules to rein in companies offering short-term loans carrying high interest rates. The Bureau wants three new rules in place.

They want lenders to verify a person's ability to afford a loan, make it harder for lenders to re-issue or refinance a person's loans and regulate penalty fees.

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