Loan providers state regulations applying cash advance database are вЂexcessive,’ but supporters praise it for вЂprotecting customers’
The state’s Financial Institutions Division invited the general public to weigh in Wednesday in the utilization of a state pay day loan database, with detractors calling proposed regulations “burdensome” and supporters arguing they’re the way that is only protect susceptible families from “predatory” loan providers.
The database tracks high-interest, short-term pay day loans with all the aim of increasing transparency and supplying lenders with all about an individual’s loan history along with other loan providers. Read more
