Sen. John Gallus, a Republican from Berlin who represents the North Country, was among those voting last week not to override Gov. Lynch’s veto of so-called payday loans.
As NHPR reported “The measure would have lifted the current 36% interest rate cap on small loans. In place of that cap, Senator Matt Houde told colleagues companies could charge borrowers up to 403% interest.
“Lenders could charge consumers over $1100 to repay a $500 loan, over a 6 month term. I will let that speak for itself.”
Only 11 senators voted to overturn the veto. Thirteen others, including Gallus, opposed overriding the veto.
To see how other senators voted go here.
