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Michigan legislators are tackling predatory lending practices, aiming to set standards for payday loans and maximum interest rates.

In Kent County alone, with a payday loan volume of $60 million, the House Insurance and Financial Services Committee discussed Senate Bill 632, sponsored by Sen. Sarah Anthony, D-Lansing, which seeks to cap annual interest rates at 36% compared to current rates reaching nearly 400%.

Read more at Public News Service.

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