In March 2017, Oklahoma Representative Chris Kannady introduced the Oklahoma Small Loan Act. This act is designed to cap payday loan rates in Oklahoma at 17 percent. The act immediately passed the house vote and is now with the Oklahoma Senate. Kannady's bill hopes to skip having to follow federal regulations and put a severe cap on all payday loans in Oklahoma. The goal is to get interest rates down to levels most families can afford and protect them from overwhelming debt and even jail if they need to take out a payday loan for emergency expenses. Oklahoma laws allow felony charges for unpaid debt. If the Oklahoma Small Loan Act passes the senate, average rates of 204 percent for Oklahoma payday loans will come to an end. Going forward, payday loan companies doing business in Oklahoma will be forced to cap rates at 17 percent.