House Bill Would Restrict Online Payday Lending

Law360, New York (March 6, 2013, 3:06 PM EST) -- House Democrats on Wednesday introduced a bill aimed at forcing online payday lenders to comply with relevant state laws when issuing loans, among other restrictions, joining Senate colleagues in attempting to rein in the small-dollar loan industry.

The Stopping Abuse and Fraud in Electronic Lending Act of 2013 mirrors a Senate bill of the same name introduced in January. The lawmakers say that payday lenders have taken to the Internet to avoid state laws barring features like exploding interest rates that can expand to nearly 500...
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