by Payday Loans Guru on September 18, 2008
in payday loan
We knew this was coming. Here’s the story : Licensing is required regardless of whether the lender has a physical presence in Minnesota. Payday lenders will also be required to comply with the limits on loan amounts, fees and charges, and other requirements of state law. After further review of Minnesota law and statute the Department is now of the opinion that a payday loan made via the internet is made in the state where the borrower resides and the payday lender making such a loan is subject to Minnesota laws and licensure. As a result, all payday lenders making loans to Minnesota residents via the Internet must meet the new licensing requirements effective Dec. 1.
The New York Times has a good overview of the various payday loan reform bills currently being considered as well as some of the laws that were passed in the past several years. Here’s an excerpt:
Ohio lawmakers sought last spring to aid borrowers like Ms. Minda by capping annual interest rates for payday lenders at [...]
Here’s another review or take on the CBS piece about payday loans and payday lending. If you didn’t see the clip when it aired, you can view it here:
CBS “Short-Term Loans Can Mean Lasting Trouble” Rebuttal CBS recently ran a story on payday loans that wasn’t the whole story. It was one-sided and biased, so [...]
Bill Will Improve Access to Banks and Alternatives to Payday Loans Hawaii Reporter, HI - 11 hours ago This bill will also encourage banks and credit unions to provide an affordable alternative to predatory payday loans which typically carry exploitative fees … ( )
Go here to see the original:
Bill Will Improve Access to Banks and [...]
New rate for payday loans not a done deal Truro Daily News, Canada - 5 hours ago TRURO — Payday loan customers rejoicing over a proposed rate cap will have to wait at least a few more months before they can celebrate in earnest. … ( )
More here: New rate for payday loans not a done [...]
