By John Cheves | Lexington Herald-Leader
FRANKFORT – A few Kentucky lawmakers want pay day loan shops to face heavier that is much whenever they violate consumer-protection legislation.
Senate Bill 169 and home Bill 321 would raise the selection of fines accessible to the Kentucky Department of Financial Institutions through the present $1,000 to $5,000 for every single lending that is payday to between $5,000 and $25,000.
State Sen. Alice Forgy Kerr, R-Lexington, stated she ended up being upset final July to read through into the Herald-Leader that Kentucky regulators permitted the five biggest pay day loan chains to build up a huge selection of violations and spend scarcely a lot more than the $1,000 minimum fine each and every time, and regulators never revoked a shop permit.