Post by Logan on Mar 5, 2016 16:40:27 GMT -6
In the decade ending in 2014, the number of payday-loan businesses licensed in Idaho changed little, from a low of 204 in 2004 to a high of 224 in 2009.
That changed last year. The Idaho Department of Finance, which licenses and regulates the lenders, said the tally fell from 223 to 147. That could be an indicator of an industry on the decline.
The department attributes the drop to increased scrutiny of the industry and new federal regulations that have not yet been formally proposed.
Those regulations are expected to require lenders to make sure borrowers can repay their loans, to limit such loans to 45 days, and to establish a 60-day “cooling off” period after a borrower has taken out three loans in a row. The rules are being drafted by the Consumer Financial Protection Bureau, or CFPB, created under the Dodd-Frank Wall Street reform act of 2010.
Read more here: www.idahostatesman.com/news/business/government-and-business/article64200657.html
That changed last year. The Idaho Department of Finance, which licenses and regulates the lenders, said the tally fell from 223 to 147. That could be an indicator of an industry on the decline.
The department attributes the drop to increased scrutiny of the industry and new federal regulations that have not yet been formally proposed.
Those regulations are expected to require lenders to make sure borrowers can repay their loans, to limit such loans to 45 days, and to establish a 60-day “cooling off” period after a borrower has taken out three loans in a row. The rules are being drafted by the Consumer Financial Protection Bureau, or CFPB, created under the Dodd-Frank Wall Street reform act of 2010.
Read more here: www.idahostatesman.com/news/business/government-and-business/article64200657.html