Good question
June 25, 2010 | federal legislation, industry | Comments (4)What if the state already has a payday lending law in statue, will the federal law over rule the current state law ? Or will the current state law stay in force ?
We get the worst of both worlds. State laws will not be pre-empted. I’m sure that the CFPB will need to address t his as they issue rules. In other words, they will have to write rules that are not contradictory or make things too complicated vis-a-vis state laws.
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What a mess? I am sure by the time they are done with this they will have spent another few billion and still accomplished nothing other than to destroy or make more costly, more options for the consumer.
Pretty soon they’ll be regulating what color of toilet paper we can use!
North Carolina has no payday loan law and has no payday lenders. Will the federal law allow payday lending in North Carolina?
No. There is no federal pre-emption.