Governor Vetoes Bill Targeting High-Interest Loans
OKLAHOMA CITY (AP) — Governor Mary Fallin has vetoed a bill that would increase the charges Oklahoma consumers would have to pay for small loans.
Fallin said in her veto message on Monday that the bill could inadvertently expand predatory lending practices and take advantage of "financially vulnerable Oklahomans."
The bill by Tulsa Republican Senator Dan Newberry passed unanimously in the Senate and cleared the House on an 86-8 vote. It targets smaller loans with principal amounts of under $1,410 that are typically high-interest, short-term loans. Fallin noted in her veto message that Oklahoma has a high usage rate for these types of loans and that overuse of these loans can lead to "dire" financial situations for borrowers.
A telephone message left for Newberry wasn't immediately returned.