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Audit raises questions regarding payday financing oversight

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Audit raises questions regarding payday financing oversight

Borrowers overpay almost 8,100 times

State regulators allow payday lenders slide on a lot more than 8,000 “major violations,” in line with the Louisiana legislative auditor, a lapse which had one or more lawmaker Monday formally asking for a joint legislative research.

“You have got all of these 8,000 violations and you also haven’t evaluated a penalty that is single that’s borderline fraudulence for me,” said state Rep. Ted James II, a Baton Rouge Democrat whoever district has a quantity of organizations providing the short-term, small-amount loans, such as for example from payday to payday, thus the title.

Experts state the training encourages borrowers to end up in “a period of financial obligation,” from where they think it is tough to recover.

Backers state the loans give a source of prepared money to assist customers with brief blips within their cashflow. Read More →