Maryland goes after payday loan providers’ banking institutions to end unlawful loans

Maryland goes after payday loan providers’ banking institutions to end unlawful loans

Maryland’s monetary regulator is wanting to avoid unlawful online pay day loans by going following the banking institutions that make the loans feasible.

“with no payday lender’s bank, the payday loan provider can’t run within my state,” stated Mark Kaufman, commissioner with all the state’s division of monetary legislation.

These banking institutions offer use of the community enabling online payday lenders to immediately withdraw loan re payments from clients’ records. Continue reading Maryland goes after payday loan providers’ banking institutions to end unlawful loans