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Florida Senate backs alterations in pay day loans, employees’ comp

Florida Senate backs alterations in pay day loans, employees’ comp

Saturday

TALLAHASSEE — Meeting in a unusual saturday session, the Florida Senate authorized revamping laws for pay day loans and supported expanding employees’ settlement insurance advantages for authorities and firefighters who are suffering from post-traumatic anxiety condition.

Senators voted 31-5 to pass through a measure (SB 920) that could enable lenders that are payday make bigger loans for longer amounts of time. The proposal that is industry-backed has sailed through House committees, though it offers drawn opposition from some customer advocates.

The bill will allow the continuing companies to help make “installment” loans as much as $1,000, with payment over 60 to ninety days.