The Idaho State Senate has approved new legislation which requires any payday loan company doing business in Idaho to be licensed to do business in the state of Idaho.This new legislation will close a loop hole in which companies are incorporated in a state with loose regulation are allowed to do business in the state using the easier laws. It was approved unanimously Yesterday and will now have to make it through the House before it’s signed into law.
Sandpoint Republican Senator Shawn Keough argues that the law should cover internet payday lenders and give the state the ability to prosecute those who violate this law. The bill does however void any loan provided by an unlicensed payday lender and gives the state the ability to issue cease and desist orders and sue unlicensed payday lenders.
To read more about Senate passes payday loan restriction bill head on over to Fox 12 News.