The D.C. Council voted 12 to 1 yesterday to approve legislation that would require payday loan stores to charge the same annual percentage rate as banks and credit unions, a limit that the payday lending industry says will put them out of business in the city.
Here is an interesting side question: if in fact this law actually put payday lenders out of business, what effect would this have on poor communities that have a paucity of banks?
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