The Payday Loan Consumer Protection Act, which holds once-exempt short-term lenders to the District's 24 percent annual interest-rate cap, has passed the D.C. Council by a 12-1 vote.
The lone opponent was Ward 8 Councilmember Marion S. Barry Jr., who originally cosponsored the bill with Ward 3's Mary Cheh. In an interview earlier this month, Barry said he didn't understand the true nature of the bill—which lenders say will kill the payday industry—when he put his name on it.
The bill's passage follows a pricey effort by the payday loan industry to stall its progress with a PR campaign, lobbying, and donations to community groups.
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