Major Internet lending ruling handed down in Pennsylvania

The state of Pennsylvania ruled 4-3 against Cash Net USA. I smell an appeal.

What’s interesting is Cash Net USA’s defense, which I think is very clever. Attornies for Cash Net USA argued:

Pennsylvania’s 72-year-old banking regulations could not anticipate the advent of the Internet, and thus make no mention of out-of-state lenders.

You can read the full article in Pittsburgh Post Gazette.

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