Senate Majority Leader Richard Saslaw, who serves as chairman of the Senate Commerce and Labor Committee, said unless a compromise was reached he would be inclined to not appoint conferees to work out issues between the House and Senate proposals. Currently, payday lenders charge $15 for every $100 loaned, pushing annual interest close to 400 percent for a typical two-week loan. Each is backing off things that would restrict the use of payday loans to all borrowers, focusing instead on those who take out multiple loans and fall deep into debt. Terry Kilgore, chairman of the House Commerce and Labor Committee, which could take up the Senate version as early as Tuesday, said the House would back off its provision that limits the number of loans per year to five. The content on this site, including news, quotes, data and other information, is provided by AFX News and its third party content providers for your personal information only, and neither AFX News nor its third party content providers shall be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. read more