The Wisconsin DFI has established new rules for the recent payday loan law. Here is the pdf: NewRulePaydayLending What’s important to note is that loans more than 180 days are pretty much except from the Veritec database. This is a big deal that the industry and the Wisconsin DFI hammered out.
Category Archives: payday loans
APR Calculation Audit
I’ve noticed that when I ask lenders about their APR calculation, they assume it’s correct. We used to think that way too. Calculating APR’s for single payment loans is easy. It starts to get complicated when you do installment lending, different frequencies, odd days, rolling back/forward due dates. I’d like to do a free webinar […]
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Payday loans and the Internet
Unlike a store front, where state regulators can walk in, the Internet is more like outer space. If someone wants to hide, they can. So what’s it going to be? Here are the options: Offshore Choice of state law (lender is licensed and will processes loans in their state regardless of the applicants geographic location.) […]
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Mississippi Payday Bill Passes House
Mississippi House Bill 455 has moved onto the Senate. The bill will extend the minimum period that a borrower can pay back a loan. Instead of making loans that land on a borrower’s pay date, the new law would require a minimum of 21 days ($20 per $100) for loans less than $201 and 28 […]
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New installment product in South Carolina
South Carolina limits borrowers to one payday loan at a time. When your choice is going of business or offering a product that consumers like and making money, the answer is clear. You offer installment loans. Check ‘n Go just opened 25 new locations offering installment loans. These installment loan products are typically 12 months […]
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Tagged installment loans
New Proposed Rules for Wisconsin Payday Law
There are some proposed rules. These rules are designed to clarify the new law. They have until Dec. 22nd to ratify these rules: http://www.wdfi.org/_resources/indexed/site/fi/lfs/ProposedRulePaydayLendingUpdate.pdf Here is the full Wisconsin payday loan statute. One thing that’s giving lenders problems is putting together their new loan agreement. One area is the size and font of specific disclosures. […]
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New update on Wisconsin
From the Wisconsin DFI. Proposed Payday Lending Administrative Rules The Senate Committee on Small Business, Emergency Preparedness, Technical Colleges, and Consumer Protection has objected to the proposed Administrative Rules for Payday Lending and referred them to the Joint Committee for Review of Administrative Rules (JCAR). The JCAR has until 4:30 p.m. on Wednesday, December 22, 2010 to […]
Also posted in Wisconsin
New Wisconsin Law Matrix
Wisconsin has new rules coming into effect January 1st. They have selected Veritec as their state database. If you need software help or have a question, please do not hesitate to contact Nick Sparagis of IntroXL.com at nick.sparagis@introxl.com.
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Ever wonder where your federal tax dollars go?
Excellent article by the Wall Street Journal titled Tracking Your Federal Tax Dollars. I’m a little pissed off. You’re telling me a family of 4 making $200k a year should be subsidizing this many tax payers. Democrats get mad b/c Republicans vote the line, but how can you argue w/ lowering taxes? This is does not […]
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How forthcoming is this?
Do you notice when these class action law suites happen, and the lawyers fees or what they stand to gain is never monetized? They’ll tell you that borrowers will get $14m or $80 a piece and never tell you what the law suit is really about, which is the lawyer fees and expenses. It would […]
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