Michigan group collects signatures to curb payday loans
LANSING, Mich. (AP) — A Michigan group began collecting signatures on Wednesday for a ballot proposal aimed at limiting the interest and fees charged by payday lenders they say are trapping low-income borrowers in debt cycles.
Michiganders for Fair Lending needs approximately 340,000 valid voter signatures by June. If enough are gathered, the measure would go to the Legislative Assembly, where efforts to curb payday loans have stalled. If lawmakers do not act, the public will vote on the initiative in November.