<div id="subtitle">Kentucky Gov. Beshear wants to limit interest rates charges by payday lenders</div><div><p>Kentucky Gov. Steve Beshear is renewing his call for lawmakers to put a cap on the amount of interest payday lenders can charge customers.</p><p>Beshear called Tuesday for a limit of 36 percent on the interest charges that in some instances now exceed 400 percent on an annualized basis.</p><p>Beshear said thousands of Kentuckians who have fallen on hard times are turning to payday lenders to put food on the table.</p><p>The 36 percent cap is consistent with the limit the federal government imposed two years ago on loans to military personnel and their families.</p><p>The General Assembly approved a moratorium earlier this year to prevent new payday lenders from opening in Kentucky. The state now has 743 payday lenders.</p><p>Tres Watson, spokesman for the Community Financial Services Association of America, an industry group of payday lenders, said a cap will drive lenders out of business.</p><img src="http://admatch-syndication.mochila.com/images/ad.gif?aid=65536989&bid=informcom" /></div><div id="copyright"><div>

Copyright 2009  <a href="http://www.ap.org">AP News</a></div></div>