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Pennsylvania has finally woke up and is changing the way it interpretes the law regarding internet payday loans!

Starting February 1, 2009, all lenders must be licensed regardless of location, and must start following PA's laws on interest and such.

This is great news for people in PA. The letter state's the PA Dept of Banking's position on this matter was changed due to so many of it's residents being taken by internet lenders. So see, those complaints can and do make a difference!

it's about time,i thought it was kinda out there that you could
prohibit pdl's as far as storefront,but internet which are worse
get cart blanche.a big step as far as i'm concerned.

Sub: #1 posted on Wed, 07/30/2008 - 00:55

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15511 | Credits: 1357.03)

that is good news and hopefully any other states still allowing Payday lenders to run roughshod over people will be pressured to pass the same laws. Or was Pennsylvania the last stronghold of Payday Loan Insanity?

Sub: #2 posted on Wed, 07/30/2008 - 00:55

smo65d11 smo65d11

(Posts: 1468 | Credits: 133.12)

No, PA was absolutly not the last stronghold . . . Storefronts have been banned in PA, but the way they interpreted the laws allowed for businesses not physically located in PA to not have to follow the laws. The interpretation has changed, not the law.

Sub: #3 posted on Wed, 07/30/2008 - 00:58

goudah2424 goudah2424

(Posts: 7936 | Credits: 1224.94)

Wahoooooo!! :D

Sub: #4 posted on Wed, 07/30/2008 - 01:01

Shazzers Shazzers
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(Posts: 17342 | Credits: 1592.88)

that's really great, i hope all states follow suit (better yet, all states to outlaw them!)
it does make me pleased to know the complaints do something..

Sub: #5 posted on Wed, 07/30/2008 - 01:10

bea2ls bea2ls
(Posts: 3840 | Credits: 370.56)

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