A Flood Watch and a Winter Storm Watch are out for the entire region late Tuesday through early Thursday. Heavy rain develops Tuesday night into Wednesday morning and may put down 1”-3” in some areas. Arctic air pushes in from west to east on Wednesday with heavy sleet and snow taking over. That setup could produce several inches of accumulation. Snow will slowly end from west to east Thursday as bitterly cold air continues to push in.
State Represntative Daryl Owens wants to impose a rate cap on cash advance loans in the state of Kentucky. Currently interest rates can be anywhere between 300-400% a year. Owens filed House Bill 381 Monday which calls for a rate cap of 36% a year.
Joining Owens in the effort is the Kentucky Coalition For Responsible Lending and 50 other non-profit organizations. They claim payday loans with high interest rates create a "debt trap" that loan takers cannon escape.
A lobbyist representing the cash advance businesses, Scott Jennings, claims if the rate cap at 36% percent is enacted cash advance businesses would have to close. However, 15 other states have created rate caps or eliminated interest rates completely. In Ohio the rate cap is 28% and businesses continue to operate there.