The LA Times reports that Senate Bill 515, which would restrict the number of payday loans made to any one borrower, failed an initial vote in a key banking committee in Sacramento. The bill, which was promoted by the Center for Responsible Lending, the California Reinvestment Coalition, and advocates from San Diego and around the state, also extended the minimum term of a payday loan to 30 days from 15, created a database of borrowers for tracking the loans, and allowed borrowers who can’t repay their loans after six loans to enter a repayment plan. The bill was opposed by the payday lending industry, which argued that the legislation could push people to use out-of-state online payday lenders that aren’t subject to California law. The legislation can be reconsidered at a later date.