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HARRISBURG, Pa. – Pennsylvania has moved a step closer to enacting payday lending legislation. The Pennsylvania House Commerce Committee approved legislation May 10 that would regulate payday lenders in the state. House Bill 1478 is sponsored by State Rep. Chris Ross (R-158). The Pennsylvania Credit Union Association said the committee’s action “will likely” lead to a floor vote on the measure “in the coming weeks.” Secretary of Banking William Schenck testified in favor of the legislation, saying it provided “real time oversight and real enforcement teeth.” But some legislators have raised concerns about the bill. According to PCUA, Reps. W. Curtis Thomas (D-181) and Jim Wansacz (D-114) raised concerns regarding the availability of information from the proposed industry database of loans and the proximity of payday lenders to the newly authorized “racinos,” referring to a bill that passed last year that would allow as many as 61,000 slot machines in 14 locations around Pennsylvania, including horse-racing tracks. PCUA said both representatives offered to work with Rep. Ross to amend the legislation on the House floor to address these concerns.

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