Regulators want to close loophole that allows 700% interest rates  

Posted: 7:43 pm Wed, February 3, 2010
By Nicholas Sohr

ANNAPOLIS — State financial regulators pressed lawmakers on Wednesday to tighten payday lending rules to rein in the cost of short-term loans. The bill would close what Department of Labor, Licensing and Regulation officials say is a loophole that lenders have taken advantage of to charge the equivalent of up to 700 percent annual interest ...