At the [payday lender] industry's request, the Senate State and Local Government Committee last week approved a 10-year moratorium on new payday loan outlets opening in Kentucky.
The effect would be to protect the companies that are already here from new competition and preserve their market shares.
...Observers of the State and Local Government Committee said it was obvious that chairman Damon Thayer, R-Georgetown, and the bill's sponsor, Rep. Johnny Bell, D-Glasgow, didn't understand anything about the 10-year moratorium other than that the industry wanted it.
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