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Posted by on Dec 29, 2020 in | 0 comments

The Alabama Supreme Court has ruled that their state Banking Department can establish a loan that is payday to enforce a current $500 restriction as to how much individuals can borrow at once through the short-term loan providers.

Supreme Court upholds cash advance database

Justices on Friday upheld a Montgomery’s judge’s ruling that hawaii ended up being within its rights to determine the database. Payday loan providers sued Alabama’s Banking Department in 2013 to block development of the machine.

Current legislation forbids individuals from using a lot more than $500 call at loans in the past.

Birmingham Rep. Patricia Todd praised the court choice

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