Payday Loan Times

The bill that puts restrictions on payday lenders in South Carolina that was being debated yesterday passed unanimously. (Read on …)

Today South Carolina lawmakers debated new regulations that could change the way you get money from payday loans or if you can get it at all. (Read on …)

Due to deceptive collection practices and threatening with abusive language while attempting to collect debts for a payday loan company a Jacksonville, Florida collection agency has been sued. (Read on …)

Senate legislation introduced today was designed to tighten down on payday lenders who were getting around the new regulations that took effect January 1st. (Read on …)

Payday advance lending continued its rapid growth in Colorado last year, jumping 28 percent to $632 million.Regular and online payday loans first topped the $500 million mark in 2005, when they grew 34 percent. The industry was as small as $36 million of loans in 1996. (Read on …)

Companies that make money providing faxless payday loans have formed an organization they say is designed to “reform” their industry. (Read on …)

The Federal Deposit Insurance Corporation (FDIC) is now accepting bankers’ applications to participate in its Affordable and Responsible Consumer Credit pilot program, which will begin in January 2008. (Read on …)

A new report out of British Columbia says the typical payday advance loan customer is employed and educated with an average income. (Read on …)

New faxless payday loan regulations will go into effect November 1. Gov. Bill Richardson, who pushed for the rules, calls them some of the toughest and most pro-consumer in the country. (Read on …)

The Canadian Payday Loan Association (CPLA) this week applauded the British Columbia government for passing important personal cash loan legislation that will regulate the industry and balance consumer protection with a viable industry.

The new provincial legislation follows changes to the Criminal Code in May 2007 that now allow provinces - for the first time - the authority to regulate the payday loan industry as long as they meet the criteria of passing consumer protection legislation and setting maximum allowable fees.

The CPLA has been working with the British Columbia government over the past two years towards effective legislation and regulation on cash advances.

British Columbia’s new law includes many elements of the CPLA’s ‘Code of Best Business Practices’ - introduced two years ago and monitored by an independent Ethics and Integrity Commissioner to ensure adherence among CPLA members.

“The Government of British Columbia has shown great leadership in wanting to protect consumers and allow for a viable payday loan industry,” said Stan Keyes, President of the CPLA. “The CPLA will participate actively in all consultations on regulations and rate setting on behalf of our members.”

British Columbia’s new law effectively harmonizes the province’s approach to regulation with recent legislation in Saskatchewan, Manitoba and Nova Scotia. The governments of Alberta, New Brunswick and Ontario are expected to move forward with their own faxless payday advance legislation or regulations in the coming months.