Bill aims to regulate payday loan industry in Alabama

MONTGOMERY, Ala. (WIAT) — State representatives are looking to technology to do a better job of regulating the payday loan industry across the state. They are working on a bill that would create a centralized database to keep track of all payday loan transactions across the state. That allows lenders a chance to see who has outstanding loans, and how much customers owe.

The bill will also allow the state a chance to enforce its current law, which keeps customers who have loans that total more than $500 from borrowing any more. The bill is now heading to the Senate.

Copyright 2014 WIAT-CBS42

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