Florida lawmakers have passed a bill that could ease some restrictions in place for so called "payday loans."
- Florida lawmakers vote to ease payday loan restrictions
- Bill would up limit to $1,000; allow 50-90 day loans
- Legislation now goes to Gov. Scott
A payday loan is usually a short-term, high cost loan, generally for $500 or less, that is typically due on the borrower's next payday.
The bill would double the current limit on loans from $500 to $1,000, and it would allow lenders to give 50 to 90 day loans.
In 2001, Florida cracked down on loans where lenders gave borrowers money in exchange for holding a post-dated check as collateral.
Existing lenders say they need to change the law because of potential new federal regulations.
Supporters contend payday lenders may have to shut down without the change.
The legislation now goes to Governor Rick Scott.