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Bishop Adam Jefferson Richardson Jr.

Faith leaders call for payday lending interest cap

in Statewide/Top Headlines by

A group of clergy is asking the Constitution Revision Commission to adopt a proposal capping payday loan interest rates at 30 percent per year. The proposed constitutional amendment was filed last Friday, records show, by Bishop Adam Jefferson Richardson Jr. of the African Methodist Episcopal Church. Proponents, who held a Tuesday news conference at the Capitol, said it was modeled after a similar initiative in New Mexico.

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