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Lake County Council: cash advance modifications ‘like a vulture’

Lake County Council: cash advance modifications ‘like a vulture’

Lake County officials took a stand against proposed changes to Indiana’s pay day loan guidelines Tuesday saying they might just produce hardships that are new their state’s residents.

The Lake County Council unanimously passed an answer opposing a bill cycling through the Indiana Legislature that would amend the statutory laws and regulations for payday loans. The proposition, that is now pending prior to the Indiana Senate, would produce an innovative new consumer that is”unsecured loan” category and allow lenders to charge significant interest levels.