Commissioner seeks to limit payday loans online

Edwards, John G.
December 2008
Las Vegas Business Press (10712186);12/1/2008, Vol. 25 Issue 48, pP15
The article reports on the proposal of Financial Institutions Commissioner George Burns to ban payday loans via online. Burns said payday lenders from Nevada violate other state laws by operating in other states without acquiring the respective licenses. According to the article, Burns also introduced the rules that hinders payday lenders on making more than one loan in a seven-day period to the same borrower and limits loans to 25 percent of borrower's annual income. The article notes that the rules are expected to be adopted before February 2009.


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