Penn. to regulate Internet lending
July 28, 2008 | alternatives, best practices, industry, local issues | Comments (1)Now that’s a good idea. Here’s the story.
For what it’s worth, CFSA members are required to follow a Best Practice on Internet Lending.
A member that offers payday advances through the Internet shall be licensed in each state where its payday advance customers reside and shall comply with the disclosure, rollover, rate, and other requirements imposed by each such state, unless such state does not require the lender to be licensed or to comply with such provisions, or the state licensing requirements and other applicable laws are preempted by federal law.
Comments»
Regulating the internet is a nice thought, and payday lenders should conform to the laws of the state in which the loan is made… but regulation hasn’t worked for music downloads and it won’t work for off-shore internet operators.
They might as well regulate the weather.
At least while they are busy regulating the impossible they aren’t writing any harmful laws.