Tacoma Democratic Rep. Steve Kirby says he will be proposing some “significant changes” to a payday lender-backed proposal making its way through the House. He said the end result would be a loan product that could replace payday loans.
Senate Bill 5312 would allow lenders to make a new type of high-interest unsecured loan – sort of like a payday loan with an installment plan. Kirby said the changes he will be pushing for would make the bill more consumer-friendly.
Opponents of the bill, like Sen. Sharon Nelson, D-Maury Island, said the proposed changes are …