Florida may ease some of the restrictions now in place for so-called payday loans.
The Florida Legislature on Wednesday overwhelmingly approved a bill that would double the current limit on the loans from $500 to $1,000 and would allow lenders to give 60-to-90 day loans. The legislation now goes to Gov. Rick Scott.
The House voted overwhelmingly for the bill even though consumer advocates have said it would create a debt trap for poor people.
Back in 2001, the state cracked down on loans where lenders give borrowers money in exchange for holding a postdated check as collateral.
Never miss a local story.
Existing lenders say they need to change the law because of potential new federal regulations. Supporters contend payday lenders may have to shut down without the change.